TCREUR_Public/050221.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Monday, February 21, 2005, Vol. 6, No. 36

                            Headlines

C Z E C H   R E P U B L I C

KAPPA 77: Bankruptcy Downs Plane maker


F R A N C E

ALSTOM SA: Successfully Refinances Maturing Debt


G E R M A N Y

AUTOGEM GESELLSCHAFT: Court Accepts Bankruptcy Petition
BORUSSIA DORTMUND: Woes on and off Soccer Field Deepen
CCT WIRTSCHAFTS: Dusseldorf Court Confirms Bankruptcy
CONQUEST BUSINESS: Gives Creditors Until March to File Claims
DRESDNER BANK: Loan Participation Notes Rated 'B'

EHT ELEKTRO: Provisional Administrator Takes over Operations
EHT HOCH: First Creditors Meeting Set April
FAHRZEUGBAU WISSKIRCHEN: Court-appointed Administrator Steps in
FEDERWISCH & STUSGEN: Falls into Bankruptcy
HUMMEL MOTORRADER: Cedes Control to Provisional Administrator

KARL DIETER: Sets First Creditors Meeting March
LEICA CAMERA: Warns Shareholders of Huge Loss
VIKTORIA AIR: Under Bankruptcy Administration
WALTER BAU: Banks Question Sale of Loan Collateral


H U N G A R Y

NABI RT: Full-year Operating Loss Swells to US$57.5 Million


I R E L A N D

ELAN CORPORATION: Tests Show Multiple Sclerosis Drug Effective
JSG FUNDING: Buoyant LatAm Results Balance Weakness in Europe


I T A L Y

FIAT SPA: Kicks out Fiat Auto Chief Executive


L U X E M B O U R G

STOLT-NIELSEN: Posts Deadlines for Senior Notes Solicitation


P O L A N D

DAEWOO-FSO: Ukrainian Buyer Close to Clinching Deal
PARKSIDE FLEXIBLES: Alcan Subsidiary Acquires Ownership


R U S S I A

ENERGY-EAST: Hires D. Gryaznov as Insolvency Manager
KARASEVSKOYE: Undergoes Bankruptcy Supervision Procedure
KEMEROVSKIY ELECTRO-ENGINEERING: Declared Insolvent
KOSTROMA-INVEST: Gives Creditors Until March to File Claims
KUBAN-OPT-PROD-TORG: Krasnodar Court Appoints Insolvency Manager

METROMEDIA INTERNATIONAL: Buys out Govt Interest in Magticom
MOSCOW BANK: Long-term Rating Upgraded to 'B'
NOVOMOSKOVSKIY COMBINE: Deadline for Proofs of Claim March
PLAVSK-AGRO-SERVICE: Bankruptcy Proceedings Begin
POLTAVSKOYE: Insolvency Manager Moves in

REPAIR-MECHANICAL COMBINE: Under Bankruptcy Supervision
SISTEMA JOINT: Fitch Upgrades Ratings to 'B+'
TUGANSKOYE BREAD: Gives Creditors Until March to File Claims
YUKOS OIL: Plan of Reorganization Overview & Summary


S W I T Z E R L A N D

ABB LTD.: Returns to Black in 2004 with US$201 Mln Net Income
SERVETTE DE GENEVE: 115-year-old Soccer Club Declares Bankruptcy


U K R A I N E

LVIV' RUBBER: Temporary Insolvency Manager Moves in
NAFTOHIMEKOLOGIYA: Declares Bankruptcy
OBERIG: Undergoes Bankruptcy Supervision Procedure
ORIHIVKA-SUGAR: Names Sergij Boltik Insolvency Manager
PROKSIM-TRADING: Zaporizhya Court Opens Bankruptcy Proceedings

SAMARSKI STAVKI: Court Brings in Insolvency Manager
TECHSERVICE: Bankruptcy Proceedings Begin
UKOOPPOSTACHMASH: Under Bankruptcy Supervision
ZHASHKIVSKIJ SUGAR: Liquidator Takes over Operations
ZHOVTEN: Vinnitsya Court Names N. Voznyakevich Liquidator


U N I T E D   K I N G D O M

A C ELECTRICAL: Creditors to Appoint Liquidator Next Month
ARCHVIEW LIMITED: Barclays Bank Appoints Ernst & Young Receiver
BEGGARMANS FARMS: In Administrative Receivership
BILLFIELDS FOOD: Calls in Administrator from Hurst Morrison
BURT'S BOOZE: Hires Liquidator from Poppleton & Appleby

CABLE & WIRELESS: Completes Sale of Japanese Subsidiary
CASEGROOVE LIMITED: Members Final Meeting Next Month
DV CONSULTING: Calls in Liquidator from Geoffrey Martin & Co.
EPIC BRAND: Hires KPMG to Liquidate Company
EURO BROKERS: Sets Final Meeting March

EVERDON PLC: Schedules Members General Meeting March
EXETER SMALLER: Considers Liquidation Best Option
EX-PAC (PACKAGING): Creditors Meeting Set Next Month
FOOD BROKERS: Hires Joint Administrators from Grant Thornton
FOREST UPHOLSTERY: Appoints Tomlinsons Administrator

FOUR SEASONS: Hires CLB as Administrator
LEAD CHROME: Calls in Liquidators
LEVEL 40: Joint Liquidators from PwC Move in
MUIRMILL INTERNATIONAL: Interim Liquidator Takes over Helm
NORWEST ENVIRONMENTAL: Appoints Tenon Recovery Administrator

OEM FABRICATIONS: Liquidator Takes over Operations
OPM MANAGEMENT: Creditors to Meet Later this Month
PITCO 001: Liquidator's Final Report Out March
PRIDEWOOD ENTERPRISES: Members Final Meeting Next Month
QUADRANGLE CONSULTING: Creditors Meeting Friday

RED ROSE: Cheaper Imports Suffocates Firm
RHOLEE LIMITED: Members Final Meeting Set March
ROYAL & SUNALLIANCE: To Increase U.S. Reserves by GBP160 Million
ROYAL & SUNALLIANCE: Moody's May Upgrade Ratings
SHENLEY MERCHANT: Meeting of Creditors Next Week

TERRY COLEMAN: Members Decide to Wind up Firm
TRANSWORLD SCOTLAND: Creditors Meeting Set Next Week
TREVIOT LIMITED: Hires Liquidator from Leonard Curtis & Co.
VEOS PLC: Calls in Administrators for Smith & Williamson
WARDSON MACHINE: Creditors Meeting Set Next Week
WYCLIFFE ESTATES: Members Pass Winding up Resolutions


                            *********


===========================
C Z E C H   R E P U B L I C
===========================


KAPPA 77: Bankruptcy Downs Plane maker
--------------------------------------
Small aircraft manufacturer Kappa 77 was finally declared
bankrupt more than four months after two creditors filed
distraint petitions on its assets, Czech News Agency says.

The Regional Court in Brno handed the decision Wednesday last
week.  The original petitions were filed with the Jihlava
district court, which subsequently ring-fenced CZK6.9 million of
Kappa's assets.  The ruling forced the company to halt
production last autumn leaving 81 employees jobless.

According to the report, cost overruns is also a major problem
at the company, maker of the ultralight planes KP 2U Sova.
Unveiled in 1996, the plane continues to be a dud with sales
hardly able to cover production cost.  Records at the Register
of Companies puts Kappa's share capital at CZK250 million.

Established in 1991, the company first ventured into production
of metal structures before shifting focus to the aviation
industry.  The group has sold 156 planes to Holland, Germany,
the U.S., Italy, Finland, South Africa, Poland, Spain, France,
Brazil, Ecuador, Portugal and Australia.

CONTACT:  KAPPA 77, a.s.
          Brtnicka 21
          586 01  Jihlava
          Phone: +420 567 310 018
                 +420 567 308 121
          Fax: +420 567 308 122
          E-mail: kappa77@mbox.vol.cz
                  info@kappa77.cz
          Web site: http://www.kappa77.cz


===========
F R A N C E
===========


ALSTOM SA: Successfully Refinances Maturing Debt
------------------------------------------------
Alstom S.A. announced Thursday the preliminary results of its
exchange offer launched on 27 January 2005.  It was proposed to
debt holders to exchange the EUR650 million bonds due July 2006
and the EUR250 million bonds due September 2006 for new bonds
due March 2010.  The purpose of this transaction was to smooth
ALSTOM's debt profile and to ensure greater flexibility.  These
new bonds will bear a coupon of 6.25%.

Institutional holders will exchange around EUR650 million of the
EUR900 million bonds eligible for exchange, corresponding to an
exchange ratio of more than 70%, which is much higher than
market standard on similar transactions.  An exchange offer
period is now open to individual investors (in France,
Luxembourg and Switzerland only) from 17 February 2005 until 24
February 2005.

A very high demand for additional bonds -- more than EUR2
billion on the first day of the offer -- was also recorded.
Consequently, ALSTOM decided to issue the maximum authorized
amount of EUR1 billion for new 2010 bonds: given the EUR650
million to be exchanged by institutional holders, ALSTOM intends
to issue a maximum amount of EUR350 million of additional bonds
with same terms and conditions.

CONTACT:  ALSTOM S.A.
          3 Avenue Andre Malraux - 92300 Levallois (France)
          Phone: 33 (0) 1 41 49 27 13
          Fax: 33 (0) 1 41 49 79 32 1

          Press relations:
          S. Gagneraud/G. Tourvieille
          Phone: +33 1 41 49 27 40/+33 1 41 49 27 13
          E-mail: internet.press@chq.alstom.com

          Investor relations
          E. Chatelain
          Phone: +33 1 41 49 37 38
          E-mail: investor.relations@chq.alstom.com


=============
G E R M A N Y
=============


AUTOGEM GESELLSCHAFT: Court Accepts Bankruptcy Petition
-------------------------------------------------------
The district court of Dusseldorf opened bankruptcy proceedings
against Autogem Gesellschaft fur Projektierung Handel und
Fertigung von Automatisierungssystemen mbH on Feb. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until March 15, 2005
to register their claims with court-appointed provisional
administrator Horst Piepenburg.

Creditors and other interested parties are encouraged to attend
the meeting on April 5, 2005, 8:30 a.m. at the district court of
Dusseldorf, Hauptstelle, Muhlenstrasse 34, 40213 Dusseldorf, 4.
OG. Altbau, A 409 at which time the administrator will present
his first report of the insolvency proceedings.  The court will
also verify the claims set out in the administrator's report
during this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  AUTOGEM GESELLSCHAFT FUR PROJEKTIERUNG, HANDEL UND
          FERTIGUNG VON AUTOMATISIERUNGSSYSTEMEN MBH
          Hans-Bockler-Str. 60, 40764 Langenfeld
          Contact:
          Herbert Happe, Manager
          Landecker Weg 18, 40789 Monheim

          Mathieu H.J. Slegers, Manager
          Esmoreit Laan 5, B-2050 Antwerpen

          Horst Piepenburg, Insolvency Manager
          Heinrich-Heine-Allee 20, 40213 Dusseldorf


BORUSSIA DORTMUND: Woes on and off Soccer Field Deepen
------------------------------------------------------
Struggling soccer club Borussia Dortmund reported a EUR27
million operating loss for the second half of 2004, the
Associated Press says.

As things are going the former European Champions League winner
now expects full-year operating loss to swell to EUR68.8
million.  Add this to last year's EUR73.3 million and Borussia's
losses in the past two years now total EUR142.1 million or 79%
of its paid-up capital.

The soccer club, which competes in Bundesliga, admitted in a
statement it is in a financial situation "that is threatening
its existence."  It added management is in "constant and
constructive dialogue with creditors about how to overcome the
current bottleneck on a sustainable basis."

The club's auditors has proposed several restructuring measures,
which include deferment of rent for its home Westfallen stadium.
The team often gets a full house of more than 75,000 spectators
whenever it plays.  Save for three others, majority of
Borussia's creditors are amenable to the plan.

The only publicly listed football club in Germany, Borussia
recently appointed Hans-Joachim Watzke as its new business
manager, replacing Gerd Niebaum, who served as club president
for 18 years until November 2004.  It currently ranks 11th in
the 18-team league.

CONTACT:  BORUSSIA DORTMUND GMBH & CO. KGAA
          Rheinlanddamm 207-209
          44137 Dortmund
          Phone: +49 (2 31) 9 02 00
          Web site: http://www.borussia-dortmund.de


CCT WIRTSCHAFTS: Dusseldorf Court Confirms Bankruptcy
-----------------------------------------------------
The district court of Dusseldorf opened bankruptcy proceedings
against CCT Wirtschafts- und Unternehmensberatungsgesellschaft
mit beschrankter Haftung on Feb. 1.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until March 15, 2005 to register their claims
with court-appointed provisional administrator Georg Kreplin.

Creditors and other interested parties are encouraged to attend
the meeting on April 11, 2005, 10:15 a.m. at the district court
of Dusseldorf, Hauptstelle, Muhlenstrasse 34, 40213 Dusseldorf,
4. OG. Altbau, A 409 at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  CCT WIRTSCHAFTS- UND UNTERNEHMENSBERATUNGSGESELLSCHAFT
          MIT BESCHRéNKTER HAFTUNG
          Graf-Engelbert-Str. 72/5, 40489 Dusseldorf
          Contact:
          Thomas Brockerhoff, Manager
          Graf-Engelbert-Str. 72/5, 40489 Dusseldorf

          Georg Kreplin, Insolvency Manager
          Berliner Allee 21, 40212 Dusseldorf


CONQUEST BUSINESS: Gives Creditors Until March to File Claims
-------------------------------------------------------------
The district court of Dusseldorf opened bankruptcy proceedings
against Conquest Business Media GmbH on Feb. 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until March 15, 2005 to
register their claims with court-appointed provisional
administrator Dr. Frank Kebekus.

Creditors and other interested parties are encouraged to attend
the meeting on April 11, 2005, 9:45 a.m. at the district court
of Dusseldorf, Hauptstelle, Muhlenstrasse 34, 40213 Dusseldorf,
4. OG. Altbau, A 409 at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  CONQUEST BUSINESS MEDIA GMBH
          Kaistr. 11, 40221 Dusseldorf
          Contact:
          Glen Stuart White, Manager
          GB- Norfolk und Stuart Bidgood, GB- Norfolk

          Dr. Frank Kebekus, Insolvency Manager
          Scheibenstrasse 45, 40479 Dusseldorf


DRESDNER BANK: Loan Participation Notes Rated 'B'
-------------------------------------------------
Fitch Ratings assigned Dresdner Bank Aktiengesellschaft's
upcoming issue of limited recourse loan participation notes an
expected Long-term 'B' rating.

The notes are to be used solely for financing a loan to Russia's
Moscow Bank for Reconstruction and Development (MBRD).  Dresdner
will only pay noteholders amounts (principal and interest), if
any, received from MBRD under the loan agreement.

The rating is contingent upon receipt of final documentation
conforming materially to information already received and the
final rating will be confirmed at that time.

MBRD is rated Long-Term 'B', Short-Term 'B', Individual 'D/E',
Support '4' and National Long-Term Rating 'BBB-'(rus).  The
bank's Long-Term, Support and National Long-Term Ratings were
upgraded Thursday (see separate announcement on
http://www.fitchratings.com).

The loan agreement between Dresdner and MBRD contains a cross
default clause and a covenant that Dresdner's claims under the
loan agreement will rank at least pari passu with the claims of
other unsecured creditors, save those preferred by relevant
(bankruptcy, liquidation etc.) laws.  Other covenants limit
mergers and disposals by MBRD and its subsidiaries and
transactions between the bank and its affiliates.  MBRD has also
covenanted to maintain a Total Capital Ratio of no less than 10%
or 12% (dependant on the bank's credit ratings), and to keep
exposure to any single non-related borrower to no more than 20%
of net assets.

The loan agreement contains a negative pledge clause, which
allows for a degree of securitization by MBRD.  Were such
securitization to be undertaken, Fitch comments that the nature
and extent of any over-collateralization would be assessed by
the agency for any potential impact on unsecured creditors.

Noteholders will benefit from a put option should Sistema cease
to own or control 50% plus one share of the voting share capital
of MBRD or no longer have the right to appoint or remove a
majority of the bank's Supervisory Board.

MBRD was founded in 1993 and at end-3Q04 ranked among the 50
largest Russian banks by total assets.  Its parent, Sistema, a
financial industrial holding group, has subsidiaries in many
sectors of the economy, although its primary area of focus is
telecommunications.

CONTACT:  FITCH RATINGS
          Vladlen Kuznetsov, Moscow
          Phone: +7 095 956 9901

          James Watson, Moscow
          Phone: +7 095 956 9901

          Media Relations:
          Campbell McIlroy, London
          Phone: +44 20 7417 4327


EHT ELEKTRO: Provisional Administrator Takes over Operations
------------------------------------------------------------
The district court of Dusseldorf opened bankruptcy proceedings
against EHT Elektro-Haus-Technik GmbH on Feb. 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until March 10, 2005 to
register their claims with court-appointed provisional
administrator Dr. Winfrid Andres.

Creditors and other interested parties are encouraged to attend
the meeting on March 31, 2005, 10:25 a.m. at the district court
of Dusseldorf, Hauptstelle, Muhlenstrasse 34, 40213 Dusseldorf,
4. OG. Altbau, A 409 at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  EHT ELEKTRO-HAUS-TECHNIK GMBH
          Oranienburger Str. 9, 40599 Dusseldorf
          Contact:
          Christoph Bondorf, Manager
          Lakronstr. 64, 40625 Dusseldorf

          Dr. Winfrid Andres, Insolvency Manager
          Neuer Zollhof 3, 40221 Dusseldorf


EHT HOCH: First Creditors Meeting Set April
-------------------------------------------
The district court of Darmstadt opened bankruptcy proceedings
against E H T Hoch- und Tiefbau GmbH on Jan. 25.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until Feb. 23, 2005 to
register their claims with court-appointed provisional
administrator Ulrich Bert.

Creditors and other interested parties are encouraged to attend
the meeting on April 6, 2005, 9:30 a.m. at Zimmer 10, Gebaude E,
Landwehrstrasse 48, 64293 Darmstadt at which time the
administrator will present his first report of the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report during this meeting, while creditors
may constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  EHT HOCH- UND TIEFBAU GMBH
          Darmstadter Str. 32, 64846 Gross-Zimmern
          Contact:
          Avni Emini, Manager
          Darmstadter Str. 32, 64846 Gross-Zimmern

          Ulrich Bert, Insolvency Manager
          Birkenweg 24, 64295 Darmstadt
          Phone: 06151/66729-0
          Fax: 06151/66729-20


FAHRZEUGBAU WISSKIRCHEN: Court-appointed Administrator Steps in
---------------------------------------------------------------
The district court of Bonn opened bankruptcy proceedings against
Fahrzeugbau Wisskirchen Gesellschaft mit beschrankter Haftung on
Feb. 1.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
March 21, 2005 to register their claims with court-appointed
provisional administrator Dr. Andreas Schulte-Beckhausen.

Creditors and other interested parties are encouraged to attend
the meeting on April 29, 2005, 9:00 a.m. at the district court
of Bonn, -Insolvenzgericht-, Wilhelmstrasse 21, 53111 Bonn, 2.
Stock, Saal S 2.22 at which time the administrator will present
his first report of the insolvency proceedings.  The court will
also verify the claims set out in the administrator's report
during this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  FAHRZEUGBAU WISSKIRCHEN GESELLSCHAFT MIT BESCHRANKTER
          HAFTUNG
          Feldchenweg 46, 53332 Bornheim
          Contact:
          Gottfried Wisskirchen, Manager
          Uhlstrasse 8, 53332 Bornheim

          Dr. Andreas Schulte-Beckhausen, Administrator
          Oxfordstr. 2, 53111 Bonn
          Phone: 0228/98 52 10
          Fax: 0228/98 52 122


FEDERWISCH & STUSGEN: Falls into Bankruptcy
-------------------------------------------
The district court of Dusseldorf opened bankruptcy proceedings
against Federwisch & Stusgen Steuerberatungsgesellschaft mbH on
Feb. 1.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
March 8, 2005 to register their claims with court-appointed
provisional administrator Dr. Winfrid Andres.

Creditors and other interested parties are encouraged to attend
the meeting on April 8, 2005, 9:00 a.m. at the district court of
Dusseldorf, Hauptstelle, Muhlenstrasse 34, 40213 Dusseldorf, 3.
OG Altbau, A 341 at which time the administrator will present
his first report of the insolvency proceedings.  The court will
also verify the claims set out in the administrator's report
during this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  FEDERWISCH & STUSGEN STEUERBERATUNGSGESELLSCHAFT MBH
          Venloer Str. 80, 41462 Neuss
          Contact:
          Jurgen Federwisch, Manager
          Am Jroene Meerke 11, 41462 Neuss

          Thomas Stusgen, Manager
          Brucke 46, 41462 Neuss

          Dr. Winfrid Andres, Insolvency Manager
          Neuer Zollhof 3, 40221 Dusseldorf


HUMMEL MOTORRADER: Cedes Control to Provisional Administrator
-------------------------------------------------------------
The district court of Aachen opened bankruptcy proceedings
against Hummel Motorrader GmbH on Feb. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until March 10, 2005 to register their
claims with court-appointed provisional administrator Caroline
Schmitz.

Creditors and other interested parties are encouraged to attend
the meeting on April 12, 2005, 8:30 a.m. at the district court
of Aachen, Nebenstelle Augustastrasse, Augustastrasse 78/80,
52070 Aachen, II. Etage, Zimmer 21 at which time the
administrator will present his first report of the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report during this meeting, while creditors
may constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  HUMMEL MOTORRADER GMBH
          Talbenden 10, 52353 Duren
          Contact:
          Joachim Hummel, Manager
          Talbenden 10, 52353 Duren

          Caroline Schmitz, Insolvency Manager
          Waisenhausstr. 3, 52349 Duren
          Phone: 02421/20908-0
          Fax: 02421/20908-18


KARL DIETER: Sets First Creditors Meeting March
-----------------------------------------------
The district court of Bonn opened bankruptcy proceedings against
Karl Dieter Vollmar Gesellschaft mit beschrankter Haftung on
Jan. 28.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
March 4, 2005 to register their claims with court-appointed
provisional administrator Dr. Henning Dohrmann.

Creditors and other interested parties are encouraged to attend
the meeting on April 4, 2005, 9:26 a.m. at the district court of
Bonn, -Insolvenzgericht-, Wilhelmstrasse 21, 53111 Bonn, 2.
Stock, Saal S 2.17 at which time the administrator will present
his first report of the insolvency proceedings.  The court will
also verify the claims set out in the administrator's report
during this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  KARL DIETER VOLLMAR GESELLSCHAFT MIT BESCHRANKTER
          HAFTUNG
          Am Aggersberg 13, 51580 Reichshof
          Contact:
          Karl Dieter Vollmar, Manager
          Am Aggerberg 13, 51580 Reichshof

          Dr. Henning Dohrmann, Insolvency Manager
          Moltkestrasse 12, 51643 Gummersbach
          Phone: 02261/92 79 0
          Fax: 0226192 799


LEICA CAMERA: Warns Shareholders of Huge Loss
---------------------------------------------
Leica Camera AG expects a loss equivalent to half of its
registered share capital in March 2005.  The Board of Management
will make a corresponding announcement according to section 92
(1) of the German Stock Corporation Law (AktG) at a General
Meeting on May 31, 2005.

Concurrently, the Board of Management is preparing a turnaround
strategy.  It will propose at the General Meeting that capital
measures be taken.  In connection with such measures, audits are
now being undertaken.  The measures proposed will be announced
and published in the designated journals at the time of the
convening of the General Meeting and the announcement of its
agenda.

CONTACT:  LEICA CAMERA AG
          Oskar-Barnack-Strasse 11
          35606 Solms
          Deutschland


VIKTORIA AIR: Under Bankruptcy Administration
---------------------------------------------
The district court of Darmstadt opened bankruptcy proceedings
against Viktoria Air Cargo GmbH on Jan. 24.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until March 9, 2005 to register their
claims with court-appointed provisional administrator Sylvia
Hofmann.

Creditors and other interested parties are encouraged to attend
the meeting on April 13, 2005, 10:30 a.m. at Saal U2, Gebaude E,
Landwehrstrasse 48, 64293 Darmstadt at which time the
administrator will present his first report of the insolvency
proceedings.  The court will verify the claims set out in the
administrator's report on May 11, 2005, 10:00 a.m. at Saal U2,
Gebaude E, Landwehrstrasse 48, 64293 Darmstadt.

CONTACT:  VIKTORIA AIR CARGO GMBH
          Langer Kornweg 34a, 65451 Kelsterbach
          Contact:
          Roland Alliger, Manager

          Sylvia Hofmann, Insolvency Manager
          Birkenweg 24, 64295 Darmstadt
          Phone: 06151/66729-0
          Fax: 06151/66729-20


WALTER BAU: Banks Question Sale of Loan Collateral
--------------------------------------------------
Creditor banks of insolvent construction group Walter Bau
criticize the rate at which the company's receiver is selling
profitable operations, Financial Times Deutschland says.

In less than two weeks after Walter filed for bankruptcy, court-
appointed receiver Werner Schneider has already sold to Austrian
rival, Strabag, road-building unit Walter Heilit Verkehrswege
and three other lucrative operations.

The banks, in particular, object to the sale of Walter Heilit
because it is currently a security to a EUR48 million loan.  In
addition, Mr. Schneider failed to inform the banks of the sale.

Groups that have taken interest in acquiring Walter Bau's
lucrative businesses include Austrian builder Alpine Mayreder,
local groups Bilfinger Berger, Ed. Zublin and Hochtief, and
French firm Vinci.

CONTACT:  WALTER BAU A.G.
          Boheimstr. 8
          86153 Augsburg
          Phone: +49 (0)8 21/55 82-00
          Fax: +49 (0)8 21/55 82-3 20
          Web site: http://www.walter-bau.de

          BAUHOLDING STRABAG AG
          Ortenburgerstrasse 27
          9800 Spittal/Drau, Austria
          Phone: +43-47-62-62-00
          Fax: +43-47-62-49-62
          Web site: http://www.bauholding.at

          ED ZUBLIN AG
          Albstadtweg 3
          70567 Stuttgart
          Phone: (07 11) 78 83 -5 29
          Fax: (07 11) 78 83 -5 26
          E-mail: zkb@zueblin.de
          Web site: http://www2.zueblin.de

          HOCHTIEF AG
          Opernplatz 2
          45128 Essen
          Phone: +49-201-824-0
          Fax: +49-201-824-2777
          Web site: http://www.hochtief.de

          BILFINGER BERGER AG
          Carl-Reiss-Platz 1-5
          68165 Mannheim
          Phone: +49-621-4590
          Fax: +49-621-459-2366
          Web site: http://www.bilfingerberger.de

          BAUUNTERNEHMUNG E. HEITKAMP GMBH
          D-44652 Herne
          Langekampstrasse 36
          D-44647 Herne
          Postfach 20 03 65
          Phone: +49 (0) 23 25/57-00
          Fax: +49 (0) 23 25/57-37 55
          E-mail: kommunikation@hdh-online.com
          Web site: http://www.heitkamp.de

          VINCI
          1 cours Ferdinand-de-Lesseps
          92851 Rueil-Malmaison Cedex
          France
          Phone: +33-1-47-16-35-00
          Fax: +33-1-47-51-91-02
          Web site: http://www.groupe-vinci.com

          ALPINE MAYREDER BAU GMBH
          Alte Bundesstrasse 10
          5071 Salzburg-Wals
          Austria
          Phone: 0662/8582-0
          Fax: 0662/8582-31
          Web site: http://www.alpine.at


=============
H U N G A R Y
=============


NABI RT: Full-year Operating Loss Swells to US$57.5 Million
-----------------------------------------------------------
In the fourth quarter of 2004, NABI Rt said that its Board of
Directors had approved measures to implement a comprehensive
restructuring of operations for the purpose of reducing costs,
improving financial and operating performance, increasing
competitiveness and reducing debt.

The Group also announced that the New York-based firm of Conway,
Del Genio, Gries & Co., LLC had been engaged to provide
restructuring and financial advisory services in conjunction
with the restructuring.

In its financial results for the quarter and year ended December
31, 2004, the Board has decided to take significant charges
associated with the restructuring, most of which are non-cash in
nature.  In connection with the restructuring, significant
progress has been made in preparing a long-term strategic
business plan, implementing wide-ranging organizational changes
and focusing on improving operational performance.

The Group's lenders are supporting the restructuring initiatives
and have agreed to forebear covenant defaults related to its
borrowing agreements.  Since initiation of the restructuring,
the Company has been in ongoing discussions with the lenders
with a view to amending its financing arrangements prior to the
issuance of its audited financial statements for the year ended
December 31, 2004.

Consolidated revenue for the fourth quarter of 2004 was US$103.5
million, compared with US$101.1 million in the same period last
year.  Total vehicle deliveries in the fourth quarter were 348
units compared with 339 units in the prior year period.  Total
restructuring-related charges and provisions recorded in the
fourth quarter of 2004 were US$39.0 million, most of which are
non-cash related.

Consolidated revenue for the year ended December 31, 2004 was
US$379.0 million, up from US$320.1 million in 2003.  The growth
in annual revenue was attributable to an increase in bus sales,
from 1,149 units to 1,227 units, and higher average unit selling
values.

Aftermarket parts and service sales grew by 32.5% in 2004 to
US$62.2 million from US$47.0 million.

Primarily as a result of the charges associated with the
restructuring, the operating loss for the year ended December
31, 2004 increased significantly to US$57.5 million from an
operating loss of US$23.7 million in the prior year.  In
addition, the Company recorded additional provisions for
potential warranty costs and expected losses on unprofitable
contracts to be completed in 2005, and established reserves
against obsolete and slow-moving inventory.

The net loss for the year was also impacted by the required
accounting treatment for income taxes and deferred taxes.
In December 2004, the Group announced the decision of the U.S.
Federal Transportation Administration refusing to renew the "Buy
America" waiver for the shell.  As a result of this decision,
together with a limited CompoBus(R) order book and expected
continuation of significant operating losses, the Group plans to
cease production of the CompoBus(R) at Kaposvar in 2005 upon
completion of current commitments to customers, while the
Company explores alternatives for the product and the facility.

The cessation of CompoBus(R) production is expected to improve
the Group's future financial performance and cash flow.

In the fourth quarter of 2004, the Group implemented significant
personnel reductions in the U.S. and Hungary in order to
streamline operations and reduce costs.  Changes in the U.S.
operating management have resulted in positive trends in
productivity, efficiency and bus deliveries.  Improvements in
deliveries and working capital management have resulted in an
inventory reduction of approximately US$20 million at December
31, 2004 compared with the prior year-end.

The pilot and test vehicles for the Los Angeles contract for 60
foot BRT articulated buses were delivered on schedule in 2004.
Shell production for this contract is underway in Budapest and
assembly in the U.S. operation is expected to commence on
schedule in March 2005.

In a very competitive U.K. market, the registrations of heavy-
duty buses fell by 9% in 2004 compared to the previous year.
However, Optare successfully increased its market share of the
depressed market from 9% in 2003 to 13% in 2004, principally
through the expansion of its Solo range of low floor buses.
Delivery of Optare buses to Denmark commenced in the fourth
quarter following the appointment of a dealer in that country
and as orders were received from Arriva for buses to operate in
Copenhagen.

During the coming months, the Group's focus will be to continue
to improve core operations and the implementation of the
restructuring program.  In addition to pursuing previously
identified restructuring measures, the Group will investigate
the possible sale of certain non-core assets and implement other
measures designed to enhance the value and performance of its
operations.

As a result of the significant restructuring charges in 2004,
NABI Rt.'s equity, on the basis of unaudited financial
statements and determined in terms of Hungarian accounting law,
decreased to a level below two-thirds of the registered capital.

Accordingly, the Board of NABI Rt will propose at the
forthcoming Annual General Meeting certain measures in order to
comply with the capital requirements of the Hungarian Companies
Act.  The exact extent of capital reduction will depend on the
amount of book equity shown in the final, audited financial
statements prepared in accordance with Hungarian law.

This interim report contains information about the performance
of the NABI Rt., and its 100% owned subsidiaries "NABI Inc" and
"Optare Holdings Ltd.," during the fourth quarter and year ended
December 31, 2004.  The consolidated flash report is based upon
U.S. GAAP and contains data and statements regarding the
reporting period that are correct to the best knowledge of
management.  Every substantive fact to date that may have a
significant bearing on the position of the Group and known to
management has been included in this report. Forecasted future
events can be influenced by unforeseeable risks.

February 11, 2005

Andras Racz J. Chief Executive Officer
Daniel Garrett, Chief Financial Officer

A copy of the financial statements is available free of charge
at http://bankrupt.com/misc/Nabi_4Q2004Interim.pdf

CONTACT:  NABI RT (Machinery)
          Ujszasz utca 45, Budapest 1165 Hungary
          Phone: +36.1.401.7100
          Fax: +36.1.407.2931
          E-mail: corporate.office@nabi.hu
          Contact: J. Daniel Garrett
                   Group Chief Financial Officer


=============
I R E L A N D
=============


ELAN CORPORATION: Tests Show Multiple Sclerosis Drug Effective
--------------------------------------------------------------
Biogen Idec and Elan Corporation, plc announced on Feb. 17, 2005
that the Phase III TYSABRI(R) (natalizumab) AFFIRM monotherapy
trial achieved the two-year primary endpoint of slowing the
progression of disability in patients with relapsing forms of
multiple sclerosis (MS).  TYSABRI treatment led to a 42%
reduction in the risk of disability progression relative to
placebo.  These data also demonstrated a 67% reduction in the
rate of clinical relapses over two years, which was sustained
and consistent with the previously reported one-year results.

Other data from AFFIRM at two years, including MRI measures and
immunogenicity were similar to previously reported results.

The adverse event profile at two years was also consistent with
previously reported results.  Common events included headache,
fatigue, urinary tract infection, depression, lower respiratory
tract infection, limb and joint pain, and pharyngitis. The
incidence of infections in TYSABRI-treated and placebo-treated
patients was similar.  Serious infections occurred in 3.2% and
2.6% of patients, respectively.  These included bacterial
infections such as pneumonia and urinary tract infection, which
responded appropriately to antibiotics. TYSABRI has also been
associated with hypersensitivity reactions, including serious
systemic reactions that occurred at an incidence of less than 1
percent of patients.

"TYSABRI, with its significant effect on slowing the progression
of disability, offers new hope for patients with MS," said Burt
Adelman, MD, executive vice president, Development, Biogen Idec.
"With these data, we gain a more complete understanding of the
broad therapeutic benefit of TYSABRI in MS."

"Results from the two-year monotherapy clinical trial mark a
major milestone in the treatment of MS.  These two-year data
strengthen our belief that TYSABRI will become the leading
therapy for MS patients," said Lars Ekman, MD, executive vice
president and president, Research and Development, Elan.

AFFIRM is a two-year, randomized, multi-center, placebo-
controlled, double-blind study of 942 patients conducted in 99
sites worldwide, evaluating the effect of TYSABRI on the
progression of disability as measured by the Expanded Disability
Status Scale (EDSS) and the rate of clinical relapses.  Patients
were randomized to receive either a 300 mg IV infusion dose of
TYSABRI (n=627) or placebo (n=315) every four weeks.

Based on one-year data from AFFIRM and the SENTINEL add-on trial
with AVONEX(R)(Interferon beta-1a), the U.S. Food and Drug
Administration (FDA) granted Accelerated Approval for TYSABRI on
Nov.  23, 2004, as a treatment for relapsing forms of MS.

The companies anticipate that two-year data from the AFFIRM
trial will be presented at the American Academy of Neurology
(AAN) meeting in April 2005.  The companies expect two-year
results from the SENTINEL trial will be available mid-year.
Two-year data from both studies will also be submitted to
regulatory authorities.

About TYSABRI

TYSABRI, the first humanized monoclonal antibody approved for
the treatment of MS, inhibits adhesion molecules on the surface
of immune cells.  Research suggests TYSABRI works by preventing
immune cells from migrating from the bloodstream into the brain
where they can cause inflammation and potentially damage nerve
fibers and their insulation.

Biogen Idec and Elan are collaborating equally on the
development of TYSABRI in MS, Crohn's disease (CD), and
rheumatoid arthritis (RA).  Regulatory authorities in Canada and
Australia have designated TYSABRI for Priority Review as a
treatment for MS, and the European Medicines Agency (EMEA) is
actively reviewing the application.

In September 2004, the companies submitted a Marketing
Authorization Application (MAA) to the EMEA for CD based on
Phase III studies.  Another Phase III induction trial for CD is
ongoing.  A Phase II trial is also underway to evaluate TYSABRI
in RA.  To date, more than 3,200 patients have received TYSABRI
in clinical trials.

Information about TYSABRI, including U.S. prescribing
information, and its comprehensive support services in the U.S.,
is available through a single toll-free number (1-800-456-2255),
and via http://www.TYSABRI.com.

About Multiple Sclerosis

MS is a chronic disease of the central nervous system that
affects approximately 400,000 people in North America and more
than one million people worldwide.  It is a disease that affects
more women than men, with onset typically occurring between 20
and 40 years of age.  Symptoms of MS may include vision
problems, loss of balance, numbness, difficulty walking and
paralysis.

About Biogen Idec

Biogen Idec creates new standards of care in oncology and
immunology.  As a global leader in the development,
manufacturing, and commercialization of novel therapies, Biogen
Idec transforms scientific discoveries into advances in human
healthcare.  For product labeling, press releases and additional
information about the company, please visit
http://www.biogenidec.com.

About Elan

Elan Corporation, plc (NYSE: ELN - News) is a neuroscience-based
biotechnology company.  We are committed to making a difference
in the lives of patients and their families by dedicating
ourselves to bringing innovations in science to fill significant
unmet medical needs that continue to exist around the world.
Elan shares trade on the New York, London and Dublin Stock
Exchanges.  For additional information about the company, please
visit http://www.elan.com.

CONTACT:  ELAN CORPORATION
          Media Contacts:
          Anita Kawatra
          Phone: 212-407-5740 or 800-252-3526

          Investor Contacts:
          Emer Reynolds
          Phone: 353 1 709 4000 or 800-252-3526

          BIOGEN IDEC
          Elizabeth Woo
          Phone: 617-679-2812

          Amy Brockelman
          Phone: 617-914-6524


JSG FUNDING: Buoyant LatAm Results Balance Weakness in Europe
-------------------------------------------------------------
JSG Funding plc announced results for the 3 months and year
ended December 31, 2004.

    4Q '04 4Q '03 Change 4Q '04 3Q '04 Change Full   Full Change
                                              Year   Year
                                              2004   2003
    EUR m  EUR m       % EUR m  EUR m      %  EUR m  EUR m     %


Net sales
    1,193  1,174      2% 1,193  1,186     1% 4,805  4,746     1%

EBITDA(a)
      160    151      6%   160    146    10%   606    627   (3%)

EBITDA
Margin(a)
     13.4%  12.8%         13.4%  12.3%        12.6%  13.2%

Free cash
flow
       22     35    (37%)   22     82(73%)    187    178     5%

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
(a) Pre-exceptional EBITDA of subsidiaries only
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Fourth Quarter and Full Year Summary

2004 fourth quarter and full year results reflect continuing
difficult market conditions in Europe offset by strong
performances in our Latin America operations, aided by more
buoyant market conditions there.  However, fourth quarter
results for Europe did reflect slight upward pricing momentum,
particularly in kraftliner.  Despite difficult market conditions
and broadly unchanged net sales and EBITDA, JSG continues to
generate positive free cash flow.

Net sales increased modestly in the fourth quarter and in the
full year.  EBITDA, before exceptional items, for the fourth
quarter of 2004, at EUR160 million was EUR9 million higher than
in the same period of 2003.  This reflects improvements in our
Latin American operations and Munksjo's specialty businesses and
slightly improved kraftliner pricing in Europe.  2004 full year
EBITDA, at EUR606 million before exceptional items, compares to
EUR627 million in 2003.  The decline, year-on-year, reflects an
EUR18 million gain on property sales in 2003.  Excluding this
gain in 2003, EBITDA is broadly unchanged year-on-year.

The positive impact on 2004 of net acquisitions in 2003,
principally Smurfit-Stone's European packaging operations offset
by the absence of Smurfit MBI in Canada, was reduced by the
effect of the strong euro which negatively impacted the
translation of our U.S. dollar earnings from Latin America.

In line with our commitment to address non-cash generating
businesses we announced the closure of three of our European
plants.  These are our Cordoba recycled mill in Spain, and our
Tamworth Corrugated and Witham Carton plants both in the U.K.
These plant closures together with other reorganization actions
account for the exceptional reorganization and restructuring
costs of EUR31 million and EUR39 million in the fourth quarter
and full year respectively.  Partly offsetting these costs are
exceptional gains on sales of assets and businesses of EUR7
million and EUR22 million in the fourth quarter and full year
respectively.  The gains result mainly from the sale of surplus
properties.

While the difficult market conditions in Europe impacted growth
in net sales and EBITDA, JSG continues to generate sustainable
free cash flow.  2004 free cash flow of EUR187 million compares
to EUR178 million in 2003.  Financing and investment outflows in
2004 amounted to a net EUR5 million resulting in a net cash
inflow of EUR182 million compared to a deficit of EUR31 million
in 2003.

JSG's net borrowing (including capital leases) was EUR2,913
million at December 2004 compared to EUR3,101 million at
December 2003.

                       Corporate Activity

Asset Sales

On December 22, 2004 JSG announced that it had signed a
definitive agreement to sell its Munksjo specialty business to
The EQT III Fund for approximately EUR450 million.  On December
14, 2004 SCA (Svenska Cellullosa Aktiebolaget) announced that it
had agreed to buy the Munksjo Tissue business from JSG for
approximately EUR28 million.  The cash generated from these
sales will be used to reduce debt.

The Munksjo specialty assets being sold comprise pulp, decor
paper, and specialty paper businesses and had sales from
operations for 2004 of approximately EUR480 million.  The
Munksjo Tissue assets being sold comprise two paper mills
producing base paper for tissue and generated sales from
operations of approximately EUR50 million in 2004.

JSG retains the Munksjo containerboard and corrugated assets,
located in Norway, Sweden and Poland, which comprise
approximately 90,000 tons of containerboard and 150,000 tons of
corrugated capacity.

New Offerings

On January 13, 2005 JSG Funding commenced a tender offer to
purchase for cash all outstanding existing 15.5% subordinated
notes.  All of the euro 15.5% subordinated notes and 99.99% of
the dollar 15.5% subordinated notes were tendered.  The tender
offer was completed on February 14, 2005.  In January 2005, JSG
Funding completed an offering of EUR217.5 million and $200
million of 7.75% subordinated cash-pay notes due 2015.  JSG
Funding applied the proceeds from this offering to fund the
purchase of the 15.5% subordinated notes tendered.  This new
issue lowers JSG Funding's overall cost of capital.

Concurrently with the completion of this offering of notes, JSG
Holdings plc, the indirect parent of JSG Funding, completed an
offering of EUR325 million of 11.5% senior PIK notes due 2015,
substantially all of the net proceeds of which will be loaned to
JSG Packaging Limited, its parent, which, in turn, intends to
pay the net proceeds to its shareholders by means of a share
capital reduction under Irish law.

                   Financial Review

Fourth Quarter 2004: Year-on-year performance

Fourth quarter net sales of EUR1,193 million increased 2%
against EUR1,174 million in the fourth quarter of 2003.
Excluding the effect of closures and currency movements, sales
increased EUR34 million or 3% on the comparable period in 2003.

Fourth quarter EBITDA, before exceptional items, of EUR160
million increased 6% against EUR151 million in the fourth
quarter of 2003.  Excluding the effect of closures and currency
movements, EBITDA, before exceptional items, increased EUR11
million or 7% on the comparable period in 2003.  EBITDA, before
exceptional items, of EUR160 million represents a margin of
13.4% on net sales against 12.8% in the fourth quarter of 2003.
The increased margin in the fourth quarter principally reflects
the very strong performance of our Latin American businesses in
what has historically been a seasonally moderate last quarter.

Fourth Quarter 2004: Quarter-on-quarter performance

Fourth quarter net sales of EUR1,193 million increased 1%
against EUR1,186 million in the third quarter of 2004.
Excluding the effect of currency movements, sales increased
EUR13 million or 1% on the third quarter.

Fourth quarter EBITDA, before exceptional items, of EUR160
million increased 10% against EUR146 million in the third
quarter of 2004.  Excluding the effect of currency movements,
EBITDA, before exceptional items, increased EUR15 million or 10%
on the third quarter.  EBITDA, before exceptional items, of
EUR160 million represents a margin of 13.4% on net sales against
12.3% in the third quarter.  The fourth quarter EBITDA benefits
from the normal annual review and adjustment of accounting
provisions.

Full year 2004: Year-on-year performance

2004 full year net sales of EUR4,805 million increased EUR59
million or 1% against EUR4,746 million in 2003.  Excluding the
effect of acquisitions, disposals and currency movements, sales
increased EUR82 million or 2% on 2003 levels.

2004 EBITDA, before exceptional items, of EUR606 million
decreased 3% against EUR627 million in 2003.  Excluding the
effect of acquisitions, disposals and currency movements,
EBITDA, before exceptional items, decreased EUR19 million or 3%
on 2003 levels.  EBITDA is broadly unchanged year-on-year; the
decline year-on-year reflects an EUR18 million gain on property
sales in 2003.  Excluding this gain in 2003, EBITDA before
exceptional items, of EUR606 million represents a margin of
12.6% on net sales against 13.2% in 2003.  Adjusting 2003 for
one-off gains, EBITDA represents a margin of 12.8% on net sales.

                 Product Market Overview

Europe

European market conditions remained challenging throughout 2004.
In addition, despite volume growth in kraftliner, recycled
containerboard and corrugated, the price environment remains
difficult.  The European recycled containerboard industry is
experiencing significant capacity additions against a backdrop
of modest demand growth which will continue to impact the
industry's performance.  The industry is also experiencing the
shut down of some old, inefficient capacity.  JSG continues to
focus on reducing costs and further integrating containerboard
and corrugated operations.  An integrated system will support
JSG's margins and protect the cash flow generation of the
business in difficult market conditions.

Kraftliner performed better in volume terms and benefited from
an improving global supply and demand balance.  JSG's kraftliner
volumes increased 2% in the fourth quarter and 6% year-on-year,
which reflects improving market conditions and soft comparisons
in 2003.  Kraftliner product pricing began to recover in 2004
and a EUR50 per tonne price increase, announced for September
2004, was progressively implemented during the third and fourth
quarters.  Fourth quarter kraftliner prices were EUR37 per ton
higher than those prevailing in 2003.  However, average
kraftliner prices for the full year were EUR20 per ton lower
than in 2003.

2004 recycled containerboard volumes, excluding acquisitions,
increased 3% on 2003.  This 3% increase includes a 6% increase
in volumes in France and 4% in the U.K.  These volume increases
reflect an increased level of integration in France and improved
third-party sales in the U.K.  Including acquisitions, volumes
increased 12% year-on-year.

Waste-fiber prices, the primary input cost for recycled
containerboard, remained broadly unchanged during the fourth
quarter.  2004 average waste-fiber prices were EUR10 per ton
lower than 2003 levels.  The recycled containerboard price
increase of EUR50 per ton, which was announced for October, was
partially implemented during the fourth quarter.  2004 average
fourth quarter recycled containerboard prices were EUR7 per ton
higher than the comparable period in 2003.  2004 full year
average prices were in-line with 2003 levels.  Corrugated
volumes were broadly in-line with 2003 levels in the fourth
quarter.  Excluding acquisitions, 2004 full year volumes
increased 1% year-on-year.  Including the effect of
acquisitions, 2004 full year corrugated volumes increased 12%
year-on-year.  Competitive market conditions across Europe and
unchanged waste-fiber and recycled containerboard prices
resulted in static corrugated prices during the quarter.

Corrugated prices, in the fourth quarter, were in line with
prices in the same period in 2003.  Full year average corrugated
prices declined 2% on 2003 levels.

Latin America

JSG's Latin American operations reported record results in 2004.
Sales and EBITDA grew in double digits in 2004 in their
reporting currency, the U.S. dollar.  Latin American
containerboard and corrugated volumes both increased
approximately 9% year-on-year.  Average prices increased 1% and
5% on 2003 levels in containerboard and corrugated respectively.

Our Mexican operations continue to reflect improvements in
domestic demand and export demand from the Maquiladora area.
This improvement in demand, coupled with our early 2004 internal
restructuring, resulted in a strong financial performance from
our Mexican operations -- particularly in the second half of
2004.  Containerboard and corrugated volumes increased 8% and 4%
on 2003 levels respectively.  Product pricing also improved
modestly year-on-year.

The Colombian economy continues to grow modestly.  During 2004
the Colombian Peso strengthened against the dollar resulting in
significant cost increases in dollar terms; however, volume and
price improvements more than offset cost increases.

Containerboard and corrugated volumes increased 2% and 8% on
2003 levels respectively.

The Venezuelan economy and currency remain relatively protected
and continue to positively impact the results of our operations
there.  Demand and product pricing remain strong.  However, the
returns achieved in 2004 may not be sustainable in the longer
term.  2004 containerboard and corrugated volumes increased 12%
and 25% respectively year-on-year.

Argentina's strong volume growth continued in the fourth
quarter.  As a consequence, 2004 full year containerboard and
corrugated volumes increased 10% and 14% on 2003 levels
respectively.  Prices in containerboard were broadly unchanged
year-on-year, however, a modest increase in corrugated prices
contributed to improved financial performance in 2004.

The development of our new corrugated facility in Santiago,
Chile, is complete and sales began during the fourth quarter.
Initial performance is in line with the Group's expectations.

Fourth Quarter 2004: Cash flows

Fourth quarter 2004 free cash flow of EUR22 million compares to
EUR35 million in the comparable period in 2003.  JSG's
subsidiaries generated a pre-tax loss for the quarter of EUR10
million, however, cash flow benefited from non-cash add backs
and from the continued decrease of working capital levels.

Fourth quarter capital expenditure of EUR65 million represented
108% of depreciation compared to 70% for the first nine months
of 2004.  This is a typical profile of fourth quarter capital
expenditure, as in 2003, where JSG's expenditure level was lower
in the first nine months with relatively higher expenditure in
the fourth quarter.  This resulted in full year expenditure to
depreciation ratio of almost 80% -- in line with our
expectations.

JSG continues to make progress in reducing working capital
levels and working capital decreased by EUR11 million in the
quarter.  Working capital of EUR362 million at December 2004
represented 7.6% of annualized net sales compared to 9.1% at
December 2003.

JSG reported a cash flow surplus of EUR19 million compared to
EUR28 million for the same period in 2003.  The surplus for the
quarter was partly offset, however, by the add-back of non-cash
interest accrued.

Currency adjustments were positive during the quarter reflecting
the strength of the euro, primarily against the U.S. dollar.  In
total, net borrowing decreased by EUR67 million from EUR2,963
million (EUR2,991 million including leases) at September 2004 to
EUR2,895 million (EUR2,913 million including leases) at December
2004.

Full Year 2004: Cash flows

2004 full year free cash flow of EUR187 million compares to
EUR178 million in 2003. JSG's 2004 free cash flow reflects lower
tax payments year-on-year offset by reduced working capital
inflow.

We continued to focus on generating cash flow from sales of
surplus assets during 2004.  Disposals for the year generated an
inflow of EUR34 million including EUR29 million from the sale of
unused property.  Cash generation was partly offset in 'Other'
by accelerated profit sharing payments to employees of EUR13
million coupled with a lease bullet payment of EUR10 million.
Changed tax laws in France reduced the length of the deferral
period and resulted in accelerating payments to employees in
respect of deferred compensation.

Depreciation was higher in 2004, reflecting the acquisition of
the former Smurfit-Stone European packaging operations during
2003 and the adjustments to fixed assets effected at the end of
2003 arising from the completion of the fair value exercise.
Capital expenditure at EUR206 million for 2004 represented 79%
of depreciation compared to 82% in 2003.  This is consistent
with JSG's target to control capital expenditure at or close to
the 80% level.

Tax payments, at EUR37 million, were lower than in 2003,
reflecting a Dutch tax refund and tax repayments in certain
other European countries.  These credits were partly offset by
higher payments in Latin America as a result of the growth in
regional profits.  Under the Bosal judgment, JSG received
approximately EUR20 million from the Dutch authorities in 2004.

Financing and investment outflows were modest in 2004 and JSG
reported a net cash inflow of approximately EUR182 million for
the year.

The EUR182 million operating surplus was offset by the add-back
of non-cash interest but positively impacted by a currency
adjustment of EUR40 million.  As a result, net borrowing
decreased by EUR177 million year-on-year.  Net borrowing
amounted to EUR2,895 million (EUR2,913 million including leases)
at December 2004 compared to EUR3,073 million (EUR3,101 million
including leases) at December 2003.

A full copy of the financial results is available free of charge
at http://bankrupt.com/misc/JSGFunding_4Q2004.htm

CONTACT:  JSG FUNDING PLC
          Gary McGann, Chief Executive Officer
          Phone: +353 1 202 7000
          or
          Tony Smurfit
          President & COO
          Phone: +353 1 202 7000
          or
          Ian Curley, Finance Director
          Phone: +353 1 202 7000
          or

          K CAPITAL SOURCE
          Mark Kenny
          Phone: +353 1 631 5500
          E-mail: smurfit@kcapitalsource.com


=========
I T A L Y
=========


FIAT SPA: Kicks out Fiat Auto Chief Executive
---------------------------------------------
Fiat S.p.A. on Thursday ousted Herbert Demel as chief executive
of its loss-making auto division, Fiat Auto.  A company
statement distributed by Italy's stock exchange quoted Fiat
S.p.A. CEO Sergio Marchionne saying: "[The] decision to take
direct responsibility of Fiat Auto is aimed at concentrating
Fiat's efforts on the recovery of Fiat Auto."

Mr. Demel was the first non-Italian to occupy the post after his
appointment in November 2003 by Mr. Marchionne's predecessor,
Giuseppe Morchio.  Mr. Demel is an Austrian and former
Volkswagen AG executive.  His ouster comes after Mr. Marchionne
won a EUR1.55 billion (US$2 billion) cash settlement from
General Motors Corp. to cancel a put option calling for the U.S.
firm to buy Fiat Auto.

Fiat Auto has reported 12 straight quarterly losses, and is
expected to report another one for the fourth quarter.  A median
estimate of eight analysts surveyed by Bloomberg News predicts a
net loss of EUR400 million when it reports results on Feb. 28.
The figure is down from last year's EUR1.1 billion.

CONTACT:  FIAT S.p.A.
          250 Via Nizza
          10126 Turin, Italy
          Phone: +39-011-686-1111
          Fax: +39-011-686-3798
          Web site: http://www.fiatgroup.com


===================
L U X E M B O U R G
===================


STOLT-NIELSEN: Posts Deadlines for Senior Notes Solicitation
------------------------------------------------------------
Stolt-Nielsen S.A. announced on Feb. 17, 2005 that the early
consent period relating to Stolt-Nielsen Transportation Group
Ltd.'s pending consent solicitation for SNTG's senior notes
expired at 5:00 p.m., New York City time, on February 15, 2005.
As of that time, a total of US$18.21 million outstanding
principal amount of notes and related consents had been tendered
pursuant to the Solicitation.  The Solicitation is scheduled to
expire at 5:00 p.m., New York City time, on Feb. 18, 2005.  The
Offer is scheduled to expire at midnight, New York City time, on
Feb. 22, 2005.

About Stolt-Nielsen S.A.

Stolt-Nielsen S.A. (NASDAQNM: SNSA; Oslo Stock Exchange: SNI) is
one of the world's leading providers of transportation services
for bulk liquid chemicals, edible oils, acids, and other
specialty liquids.  Stolt-Nielsen S.A., through its parcel
tanker, tank container, terminal, rail and barge services,
provides integrated transportation for its customers.  Stolt Sea
Farm, wholly-owned by Stolt-Nielsen S.A., produces and markets
high quality Atlantic salmon, salmon trout, turbot, halibut,
sturgeon, caviar, bluefin tuna, and tilapia. (http://www.stolt-
nielsen.com).

This press release is neither an offer to purchase the notes nor
a solicitation of an offer to sell the notes.  The Offer and the
Solicitation are being made solely pursuant to the Offer to
Purchase and Consent Solicitation Statement, dated Jan. 24,
2005, as amended by the Supplement to the Offer to Purchase and
Consent Solicitation Statement, dated Feb. 7, 2005.

CONTACT:  STOLT-NIELSEN S.A.
          Richard M. Lemanski
          Phone: (U.S.) 1 203 625 3604
          E-mail: rlemanski@stolt.com

          Valerie Lyon
          Phone: (U.K.) 44 20 7611 8904
          E-mail: vlyon@stolt.com


===========
P O L A N D
===========


DAEWOO-FSO: Ukrainian Buyer Close to Clinching Deal
---------------------------------------------------
The government last week allowed Ukrainian AutoZAZ to enter into
further talks to acquire FSO, Dariusz Witkowski, Deputy Minister
in charge of the sale, said.

The Ukrainian side has finished investigating the potential
acquisition.  The ministries also already closed talks regarding
a grant of public support to the company, bringing the deal a
step forward.  AvtoZAZ has started buying Daewoo-FSO's debt from
creditor banks, raising its hopes of escaping bankruptcy.
According to Millennium Bank, Avto has already bought US$8
million in debt.

FSO plans to apply for an investment credit, guaranteed by the
state.  The European Commission has already allowed the company
to borrow worth PLN53 million, and is considering allowing it to
extend the figure to PLN100 million.

CONTACT:  DAEWOO-FSO MOTOR
          00-992 Warszawa
          Jagiellonska 88
          Web site: http://www.daewoo.com.pl/


PARKSIDE FLEXIBLES: Alcan Subsidiary Acquires Ownership
-------------------------------------------------------
The Polish business of packaging manufacturer Parkside Flexibles
Limited has agreed on a sale to a newly formed subsidiary of
Alcan Inc., according to Creditman.

Parkside Flexibles S.A. (Parkside Poland) has been under
administration since Feb. 9.  This is the first time that the
European Regulation on Insolvency Proceedings 2000 has been used
to obtain an Administration Order over a Polish registered
company since Poland entered the E.U. in 2004, according to the
report.

Ian Stokoe and Stephen Taylor from PricewaterhouseCoopers are
managing the business temporarily.   The Zlotow-based firm will
continue trading until the completion of the sale.  The deal is
subject to the approval of Polish and German anti-trust
authorities.  Administrators expect to get the green light after
two months.

Joint Administrator, Edward Klempka of PricewaterhouseCoopers,
said: "The sale to Alcan means that Parkside Poland's employees
and clients have the opportunity to work for and with a company
that is developing a long-term presence in Poland and in Central
& Eastern Europe.  This sale also means that all creditors of
Parkside Poland will be able to be paid in full by the
administrators of Parkside Poland."

In conjunction, the administrators also sold Parkside Flexibles
Limited based in Normanton, West Yorkshire.  The firm
manufactures flexible packaging, principally for the tobacco and
general food industries.  It went into administration in
December.  The transactions secured 300 jobs.

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          Benson House
          33 Wellington Street
          Leeds LS1 4JP
          Phone: [44] (113) 289 4000
          Fax: [44] (113) 289 4460
          Web site: http://www.pwcglobal.com

          Parkside Flexibles Ltd
          Tyler Close
          Normanton Industrial Estate
          Normanton WF6 1RL
          West Yorkshire
          Phone: 01924 898074
          Fax: 01924 893236
          Web site: http://www.parksideinternational.com


===========
R U S S I A
===========


ENERGY-EAST: Hires D. Gryaznov as Insolvency Manager
----------------------------------------------------
The Arbitration Court of Primorye region commenced bankruptcy
proceedings against Energy-East (TIN 2540011434/254001001) after
finding the industrial investment company insolvent.  The case
is docketed as A51-2838/049-33.  Mr. D. Gryaznov has been
appointed insolvency manager.  Creditors may submit their proofs
of claim to 117049, Russia, Moscow, Shabolovka, 26, building 4.

CONTACT:  ENERGY-EAST
          690078, Russia, Primorye region,
          Vladivostok, Pushkinskaya Str. 6, Room 43

          Mr. D. Gryaznov
          Insolvency Manager
          117049, Russia, Moscow,
          Shabolovka, 26, Building 4
          Phone: (095) 785-6965


KARASEVSKOYE: Undergoes Bankruptcy Supervision Procedure
--------------------------------------------------------
The Arbitration Court of Novosibirsk region has commenced
bankruptcy supervision procedure on close joint stock company
Karasevskoye.  The case is docketed as A45-590/05-4/1.  Mr. R.
Bolshakov has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 630005, Russia,
Novosibirsk, Frunze Str. 124, Room 5.  A hearing will take place
at the Arbitration Court of Novosibirsk region on May 18, 2005,
10:30 a.m.

CONTACT:  KARASEVSKOYE
          633533, Russia, Novosibirsk region,
          Cherepanovskiy region, Karasevo

          Mr. R. Bolshakov
          Temporary Insolvency Manager
          630005, Russia, Novosibirsk,
          Frunze Str. 124, Room 5

          The Arbitration Court of Novosibirsk region
          Russia, Novosibirsk,
          Kirova Str. 3-911


KEMEROVSKIY ELECTRO-ENGINEERING: Declared Insolvent
---------------------------------------------------
The Arbitration Court of Kemerovo region commenced bankruptcy
proceedings against Kemerovskiy Electro-Engineering Factory
after finding the open joint stock company insolvent.  The case
is docketed as A27-13181/2004-4.  Mr. G. Kuptsov has been
appointed insolvency manager.  Creditors have until March 29,
2005 to submit their proofs of claim to 650099, Russia,
Kemerovo, Kuznetskiy Pr. 33.

CONTACT:  KEMEROVSKIY ELECTRO-ENGINEERING FACTORY
          650099, Russia,
          Kemerovo, Kuznetskiy Pr. 33

          Mr. G. Kuptsov
          Insolvency Manager
          650099, Russia,
          Kemerovo, Kuznetskiy Pr. 33


KOSTROMA-INVEST: Gives Creditors Until March to File Claims
-----------------------------------------------------------
The Arbitration Court of Yaroslavl region commenced bankruptcy
proceedings against Kostroma-Invest after finding the limited
liability company insolvent.  The case is docketed as A82-
6280/04-56-B/30.  Mr. M. Rakitin has been appointed insolvency
manager.   Creditors have until March 29, 2005 to submit their
proofs of claim to 155450, Russia, Ivanovo region, Kineshma,
Gorkogo Str. 2.

CONTACT:  Mr. M. Rakitin
          Insolvency Manager
          155450, Russia, Ivanovo region,
          Kineshma, Gorkogo Str. 2
          Phone: (09331) 5-78-09


KUBAN-OPT-PROD-TORG: Krasnodar Court Appoints Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Krasnodar region has commenced
bankruptcy supervision procedure on close joint stock company
Kuban-Opt-Prod-Torg.  The case is docketed as A-32-10838/2003-
1/108-B/2003-37/101-B.  Mr. F. Abdullin has been appointed
temporary insolvency manager.  Creditors may submit their proofs
of claim to Russia, Krasnodar, Rashpilevskaya Str. 321.

CONTACT:  KUBAN-OPT-PROD-TORG
          350080, Russia, Krasnodar region,
          Krasnodar, Uralskaya Str. 95

          Mr. F. Abdullin
          Temporary Insolvency Manager
          Russia, Krasnodar,
          Rashpilevskaya Str. 321


METROMEDIA INTERNATIONAL: Buys out Govt Interest in Magticom
------------------------------------------------------------
On February 14, 2005, Metromedia International Group, Inc.
completed a restructuring of its interest in Magticom, Ltd., the
Company's business venture in the Republic of Georgia operating
a wireless communications network, on terms reflecting those
contained in the previously announced memorandum of
understanding, dated April 23, 2004, between the Company and Dr.
George Jokhtaberidze, the co-founder of Magticom.

As part of the restructuring, the Company purchased an
additional 8.3% interest in Magticom from Dr. Jokhtaberidze;
increasing the Company's ownership interest in Magticom to
42.8%.  The Company and Dr. Jokhtaberidze placed their
respective Magticom ownership interests into a holding vehicle
(ITC LLC) owned 50.1% by the Company and 49.9% by Dr.
Jokhtaberidze.  ITC LLC now owns, directly and indirectly, 85.5%
of Magticom; and the Company now has the largest effective
ownership interest in Magticom and is able to exert operational
control over Magticom.

A wholly owned subsidiary of the Company issued a promissory
note in the amount of US$23,085,896 to Dr. Jokhtaberidze in
payment of the additional 8.3% Magticom interest the Company
obtained.  This payment amount reflects Magticom's actual
performance for 2004, and differs from the amount set forth in
earlier Company filings which were based on 2003 Magticom
results.  As security for the promissory note, the Company has
assigned to Dr. Jokhtaberidze its right to receive a portion of
its future dividends from Magticom until the loan is paid in
full.

Following the restructuring of Magticom interests, ITC LLC paid
US$15 million to the Georgian government to cancel all of the
Georgian government's rights under the previously announced
memorandum of understanding between the Georgian government and
a wholly owned subsidiary of the Company providing for such
subsidiary to issue an assignable option to purchase a 20%
ownership interest in Magticom to the Georgian government.  The
US$15 million payment was fully funded with cash contributions
to ITC LLC made by the Company and Dr. Jokhtaberidze in
proportion to their respective 50.1% and 49.9% ownership shares
of ITC LLC.

CONTACT:  METROMEDIA INTERNATIONAL GROUP, INC.
          Web site: http://www.metromedia-group.com
          Ernie Pyle
          Phone: 704-321-7380
          E-mail: investorrelations@mmgroup.com


MOSCOW BANK: Long-term Rating Upgraded to 'B'
---------------------------------------------
Fitch Ratings upgraded Moscow Bank for Reconstruction and
Development's (MBRD) Long-term rating to 'B' from 'B-' (B
minus), Support rating to '4' from '5' and National Long-Term
rating to 'BBB-(rus)' from 'BB+'(rus).  The bank's other ratings
are affirmed at Short-term 'B' and Individual 'D/E'.

Separately, Fitch has also assigned Dresdner Bank
Aktiengesellschaft's upcoming issue of limited recourse loan
participation notes, to be used solely to finance a loan to
MBRD, an expected Long-term 'B' rating (see separate
announcement on http://www.fitchratings.com).

The upgrades follow an upgrade of Sistema Joint Stock Financial
Corp. (see separate statement on http://www.fitchratings.com).
MBRD's Long-term and Support ratings are driven by the potential
for support from Sistema, its majority shareholder (c.96%).  As
such, the upgrade reflects Fitch's view of the improved capacity
of Sistema to support the bank, if required.  MBRD provides a
range of banking services to both Sistema and to parties closely
connected with it.

MBRD's Individual rating reflects very high concentration levels
within the bank's loan book (top 20 borrowers accounted for 69%
at end-Q304) and customer funding base, notably with affiliates
and business partners of the Sistema group of companies (61% of
loan book at end-Q304), potentially modest capitalization in
light of these concentrations and weak profitability.  However,
it also reflects the bank's reasonable liquidity.

MBRD's weak profitability in both 9M04 and FY03 (returns on
average equity of 2.9% and 4.1%, respectively) reflects the
bank's modest net interest margin due to a relatively high
proportion of low-earning liquid assets.  It also reflects high
loan loss provisions due to loan growth and a sizeable cost
base, partly due to increasing expenditure on retail banking
infrastructure.  Performance in 9M04 was also affected by weaker
securities trading income and lower translation gains.

Gross loans grew by a rapid 42% during 9M04, having increased by
73% in FY03.  Despite no asset quality problems to date, loan
loss reserve (LLR) coverage of gross loans (6.1% at end-Q304) is
potentially low, given the relatively low quality of many
borrowers, although the portfolio is mostly collateralized.

MBRD's customer funding base grew by 170% in FY03, partly due to
significant growth in balances from Sistema at year-end, but
decreased by 14% during 9M04, as the balances of third parties
fell as a result of the bank's pricing policy.  The funding base
is relatively short term, highly concentrated and prone to
fluctuations.  Liquidity has tightened but is still reasonable,
though reliance on interbank funding has increased.

MBRD's total capital ratio was a solid 21% at end-Q304.
However, the bank's capitalization is potentially modest in the
light of very high loan concentration levels and the bank's
ambitious expansion strategy.  In 2005, a new share issue equal
to 21% of end-Q304 equity is planned.  This will be purchased by
Sistema, although negotiations are ongoing to subsequently sell
a minority stake in the bank to a foreign investor.

MBRD was founded in 1993 and at end-Q304 ranked among the 50
largest Russian banks by total assets.  Its parent, Sistema, a
financial industrial holding group, has subsidiaries in many
sectors of the economy, although its primary area of focus is
telecommunications.  At end-Q304, Sistema's total assets were
c.US$8 billion.  MBRD's strategy is to develop into a universal
bank with an increased focus on retail banking, including by
accessing the customer bases of Sistema's telecommunications and
insurance businesses.  However, at end-Q304 retail accounted for
1% of loans and 12% of customer funding.

CONTACT:  MOSCOW BANK FOR RECONSTRUCTION & DEVELOPMENT
          10 Leontievsky Pereulok, Moscow 125009
          Phone: (095) 229-0600
          Fax: (095) 232-3391
          Web site: http://www.sistema.ru

          FITCH RATINGS
          Vladlen Kuznetsov, Moscow
          Phone: +7 095 956 9901

          James Watson
          Phone: +7 095 956 9901

          Media Relations:
          Campbell McIlroy, London
          Phone: +44 20 7417 4327


NOVOMOSKOVSKIY COMBINE: Deadline for Proofs of Claim March
----------------------------------------------------------
The Arbitration Court of Tula region commenced bankruptcy
proceedings against Novomoskovskiy Combine Polystrom after
finding the close joint stock company insolvent.  The case is
docketed as A68-72/B-04.  Ms. E. Sretenskaya has been appointed
insolvency manager.  Creditors have until March 29, 2005 to
submit their proofs of claim to 300012, Russia, Tula,
Zhavoronkova Str. 1, Floor 5, Office 507.

CONTACT:  NOVOMOSKOVSKIY COMBINE POLYSTROM
          301670, Russia, Tula region,
          Novomoskovsk, Svyazi Str. 15

          Ms. E. Sretenskaya
          Insolvency Manager
          300012, Russia, Tula,
          Zhavoronkova Str. 1, Floor 5, Office 507


PLAVSK-AGRO-SERVICE: Bankruptcy Proceedings Begin
-------------------------------------------------
The Arbitration Court of Tula region commenced bankruptcy
proceedings against Plavsk-Agro-Service after finding the open
joint stock company insolvent.  The case is docketed as A68-
68/B-04.  Mr. R. Kutlin has been appointed insolvency manager.
Creditors have until March 29, 2005 to submit their proofs of
claim to Russia, Tula region, Plavsk, Pobedy Str. 1.

CONTACT:  PLAVSK-AGRO-SERVICE
          Russia, Tula region,
          Plavsk, Pobedy Str. 1

          Mr. R. Kutlin
          Insolvency Manager
          Russia, Tula region,
          Plavsk, Pobedy Str. 1


POLTAVSKOYE: Insolvency Manager Moves in
----------------------------------------
The Arbitration Court of Krasnodar region commenced bankruptcy
proceedings against Poltavskoye after finding the close joint
stock company insolvent.  The case is docketed as A-32-
18274/2004-1/133 B.  Ms. V. Bondarenko has been appointed
insolvency manager.  Creditors have until March 29, 2005 to
submit their proofs of claim to 350058, Russia, Krasnodar-80,
Post User Box 1543.

CONTACT:  POLTAVSKOYE
          Russia, Krasnodar region, Krasnoarmeyskiy region,
          Protichka, Karacheva Str. 35

          Ms. V. Bondarenko
          Insolvency Manager
          350058, Russia, Krasnodar-80,
          Post User Box 1543


REPAIR-MECHANICAL COMBINE: Under Bankruptcy Supervision
-------------------------------------------------------
The Arbitration Court of Stavropol region has commenced
bankruptcy supervision procedure on close joint stock company
Repair-Mechanical Combine.  The case is docketed as A63-272/04-
S5.  Mr. N. Zhuravlev has been appointed temporary insolvency
manager.

Creditors may submit their proofs of claim to 355000, Russia,
Stavropol, Lermontova Str. 343, Office 4.  A hearing will take
place at the Arbitration Court of Stavropol region on March 31,
2005, 10:00 a.m.

CONTACT:  REPAIR-MECHANICAL COMBINE
          Russia, Stavropol

          Mr. N. Zhuravlev
          Temporary Insolvency Manager
          355000, Russia, Stavropol,
          Lermontova Str. 343, Office 4
          Phone: 37-16-93


SISTEMA JOINT: Fitch Upgrades Ratings to 'B+'
---------------------------------------------
Fitch Ratings upgraded Sistema Joint Stock Financial Corp.'s
Senior Unsecured foreign and local currency ratings to 'B+' from
'B'.  Following the upgrade the Outlook is Stable.  Details of
the affected Eurobonds issued by Sistema Finance and Sistema
Capital are listed below.

Sistema is a Russian publicly listed, diversified industrial
holding company, majority owned by its management that has
controlling interests in fixed and mobile telecommunications,
insurance, banking, real estate and certain other industries,
primarily in Russia.

The upgrades reflect Sistema's improved ability to upstream cash
through dividends from its key subsidiary, MTS, the leading
mobile operator in Russia and CIS.  After Deutsche Telekom
reduced its stake in MTS to below 25% at end-2004, Sistema
acquired a right to unilaterally terminate its shareholder
agreement with DT at any time, which, amongst other aspects,
regulated dividend payments.  Fitch notes the importance of this
right in that dividends from MTS are Sistema's major source of
consolidated cash flow.  Fitch also notes however that, as at
the date of this report, this agreement has not yet been
terminated.  As MTS' leverage has been decreasing and its cash
generating ability has been strengthening, it is expected to be
in a position to upstream cash to shareholders without a
negative impact on its stand-alone credit quality, so
potentially offering Sistema improved financial flexibility.

An upgrade of Sistema's ratings also takes into account the
improving financial performance that has surpassed the agency's
expectations.  The company's operating income before
depreciation and amortization (OIBDA) margin rose to 44.7% for
the first nine months of 2004, largely driven by the performance
of MTS.  Fitch notes that Sistema has consolidated some of its
operating assets during the past year, most notably its
alternative telecom businesses, and improved its strategic focus
to seven key industries: telecoms, insurance, technology, media,
banking, retail and real estate.  These actions have had a
positive impact on its credit rating profile.

Sistema's major subsidiaries have improved their free cash flow
positions and are now much closer to being positive; they are no
longer expected to require substantial cash contributions from
Sistema.  Fitch cautions, however, that while the company's
newly adopted seven-industry strategy is seen as having a
positive impact on the ratings, future diversifications outside
its traditional business lines may expose it to new operating
and financial risks, which would be of concern.

Another positive factor is the decreasing proportion of secured
debt on Sistema's balance sheet.  Such debt declined to 19.8% at
end-2003 from 33.8% at end-2002 and is likely to have further
declined at end-2004 as major funding initiatives have recently
been on a non-secured basis.  Sistema has effectively replaced
its short-term debt with two Eurobond issues of US$350 million
each, maturing in 2008 and 2011, with one of the bonds puttable
in 2007.  Thus, short-term refinancing risks have tangibly
subsided during the past year.

However, Sistema's lenders have no direct claims on cash flows
of its operating subsidiaries, and thus structural subordination
remains a significant credit constraining factor.  While
Sistema's near-term liquidity position has been enhanced by the
recent IPO, Fitch believes this new capital is likely to be
reinvested in existing and potentially new business lines and
not be directed towards debt reduction, and as such is
considered rating neutral.

Although the recent London Stock Exchange (LSE) listing is
expected to improve transparency at Sistema, corporate
governance concerns continue to be a significant credit
constraining factor in Russia.  Mr. Evtushenkov remains the
controlling shareholder in the company and able to exercise
substantial influence over its operational and financial policy
as evidenced by his recent decision to become the CEO.

Affected Eurobond issues:

US$350 million Eurobond issued by Sistema Finance S.A. maturing
in 2008 and guaranteed by Sistema, upgraded to 'B+' from 'B'.
Although this bond is secured with shares of MTS, Sistema's
operating subsidiary, the credit profiles of Sistema and MTS are
closely interrelated and thus a pledge of shares does not
provide a credit enhancement.

US$350 million Eurobond issued by Sistema Capital maturing in
2011 and guaranteed by Sistema upgraded to 'B+' from 'B-' on the
back of an upgrade of Sistema issuer's rating and decreasing
proportion of secured debt on the group's balance sheet.  These
two Eurobonds are rated on a par with Sistema's Senior Unsecured
issuer rating.

CONTACT:  FITCH RATINGS
          Nikolai Lukashevich, Moscow
          Phone: +7 095 956 9901

          Raymond Hill, London
          Phone: +44 (0) 20 7417 4314

          Media Relations:
          Alex Clelland, London
          Phone: +44 20 7862 4084


TUGANSKOYE BREAD: Gives Creditors Until March to File Claims
------------------------------------------------------------
The Arbitration Court of Tomsk region commenced bankruptcy
proceedings against Tuganskoye Bread Receiving Enterprise (TIN
7014002890) after finding the open joint stock company
insolvent.  The case is docketed as A67-3739/04.  Mr. S. Ananin
has been appointed insolvency manager.

Creditors have until March 29, 2005 to submit their proofs of
claim to:

(a) Tuganskoye Bread Receiving Enterprise
    636030, Russia,
    Tomsk region, Malinovka

(b) Insolvency Manager
    634034, Russia, Tomsk,
    Post User Box 4790

(c) The Arbitration Court Of Tomsk Region
    634050, Russia,
    Tomsk, Kirova Pr. 10


YUKOS OIL: Plan of Reorganization Overview & Summary
----------------------------------------------------
Yukos Oil Company's Plan of Reorganization provides for the
resolution of the outstanding claims against and equity
interests in the Debtor, as well as the establishment of certain
trusts.

Zack A. Clement, Esq., at Fulbright & Jaworski, LLP in
Houston, Texas, relates that the Debtor's Disclosure Statement
is still being prepared and will be filed later.  The Disclosure
Statement contains a discussion of the Debtor's history,
business, results of operations, historical financial
information, projections and properties, and a summary and
analysis of the Plan.  There also are other agreements and
documents, which will be filed with the Bankruptcy Court later.

The Plan groups claims against and interests in the Debtor into
nine classes.

The unimpaired classes are:

    (a) Class 1 - Priority Non-Tax Claims
    (b) Class 2 - Secured Claims

The impaired classes are:

    (a) Class 3 - General Unsecured Claims
    (b) Class 4 - Yukos Guaranty Claims
    (c) Class 5 - Convenience Claims
    (d) Class 6 - Claims of Yukos Subsidiaries
    (e) Class 7 - Subordinated Claims
    (f) Class 8 - Claims of Holders of Existing Preferred Stock
    (g) Class 9 - Claims of Holders of Existing Common Stock

Administrative and Priority Tax Claims are unclassified and paid
in full, in cash.

                   Russian Government's Tax Claim

In its Schedules of Assets and Liabilities, the Debtor has
listed certain of the Russian Government Tax Claims as disputed.

If the Russian Government fails to file a proof of claim, Mr.
Clement says, the Russian Government Tax Claim will be
disallowed pursuant to Section 1141 of the Bankruptcy Code.

If the Russian Government files a proof of claim, the disputes
relating to the proof of claim and the Debtor's objections and
counterclaims to that Claim will be referred to an international
arbitration as agreed by the Russian Government in its Foreign
Investment Law.

If the Russian Government is found to have an Allowed Claim, an
adversary proceeding will be brought to equitably subordinate
the Claim under Section 510(c) based on the inequitable and
unlawful conduct of the Russian Government in assessing and
executing on confiscatory taxes, which had the effect of
expropriating or nationalizing the Debtor's assets and to
disallow the Claim under Section 502 of the U.S. Bankruptcy Code
because the Russian Government Tax Claims arose through actions
by the claimant which were:

    (a) illegal under Russian law;

    (b) not in keeping with international norms; and

    (c) done without due process that would be expected of any
        fair and independent court system.

An Allowed Claim based on the Russian Government Tax Claim, if
any, will be paid pari passu with all other Allowed Class 7
Claims.

                          Litigation Trust

On or before the Effective Date, Yukos will execute a Litigation
Trust Agreement and will take all other steps necessary to
establish a Litigation Trust.  The Debtor will transfer to the
Litigation Trust all of its rights, title, and interests in the
Litigation Trust Claims together with all files, documents,
electronic data relating to the Litigation Trust Claims.  The
Litigation Trust Claims are all of the Debtor's rights of
recovery, claims and causes of action asserted, or which may be
asserted.

The Debtor will transfer the Litigation Trust Claims to the
Litigation Trust in exchange for 12,000,000 beneficial interests
in the Litigation Trust for the ratable benefit of the
Litigation Trust Beneficiaries.

According to Mr. Clement, the Litigation Trust will be
established for the sole purpose of liquidating its assets, with
no objective to continue or engage in the conduct of a trade or
business.

Upon the creation of the Litigation Trust, the Debtor, in its
absolute discretion, will transfer those amounts of Cash as
necessary to fund the operations of the Litigation Trust.  The
Debtor and the Reorganized Debtor may, but will have no further
obligation to, provide additional funding with respect to the
Litigation Trust.

The Litigation Trustee will liquidate and convert to Cash the
assets of the Litigation Trust, and make timely distributions.
The Litigation Trustee will have the power to prosecute, decline
to prosecute or settle all claims, rights and causes of action
transferred to the Litigation Trust.

                       Yukos Charitable Trust

On or before the Effective Date, the current Holders of
Interests who fund the Yukos Charitable Trust through the
donation of a portion of their Interests in the Debtor may
execute the Yukos Charitable Trust Agreement and take all other
steps necessary to establish the Yukos Charitable Trust.

Each Yukos Charitable Trust Donor will transfer the Donated
Interests to the Yukos Charitable Trust.

Mr. Clement relates that the Yukos Charitable Trust will be
established for the purpose of receiving payments made by the
Debtor on account of the Donated Interests for distribution to
the Yukos Charitable Trust Beneficiaries.

The Yukos Charitable Trustee will distribute to the Yukos
Charitable Trust Beneficiaries all net cash income plus all net
cash proceeds from the liquidation of assets and all payments
received on account of its ownership of the Donated Interests.

                       Disbursement Accounts

On or prior to the Effective Date, the Debtor will establish one
or more segregated bank accounts in the name of the Reorganized
Debtor as Disbursing Agent under the Plan, which accounts will
be trust accounts for the benefit of Creditors and holders of
Administrative Expense Claims pursuant to the Plan and utilized
solely for the investment and distribution of Cash consistent
with the terms and conditions of the Plan.

The Debtor or Reorganized Debtor will deposit into the
Disbursement Account(s) all Cash of the Debtor, less amounts
reasonably determined by the Debtor or the Reorganized Debtor,
as the case may be, as necessary to fund the ongoing
implementation of the Plan and operations of the Reorganized
Debtor.

A full-text copy of Yukos' Chapter 11 Plan is available at no
charge at:

           http://bankrupt.com/misc/yukosplan.pdf

Headquartered in Houston, Texas, Yukos Oil Company --
http://www.yukos.com/-- is an open joint stock company existing
under the laws of the Russian Federation.  Yukos is involved in
the energy industry substantially through its ownership of its
various subsidiaries, which own or are otherwise entitled to
enjoy certain rights to oil and gas production, refining and
marketing assets.  The Company filed for chapter 11 protection
on Dec. 14, 2004 (Bankr. S.D. Tex. Case No. 04-47742).  Zack A.
Clement, Esq., C. Mark Baker, Esq., Evelyn H. Biery, Esq., John
A. Barrett, Esq., Johnathan C. Bolton, Esq., R. Andrew Black,
Esq., Fulbright & Jaworski, LLP represent the Debtor in its
restructuring efforts.  When the Debtor filed for protection
from its creditors, it listed $12,276,000,000 in total assets
and $30,790,000,000 in total debt.  (Yukos Bankruptcy News,
Issue No. 9; Bankruptcy Creditors' Service, Inc., 215/945-7000)


=====================
S W I T Z E R L A N D
=====================


ABB LTD.: Returns to Black in 2004 with US$201 Mln Net Income
-------------------------------------------------------------
ABB Ltd. on Thursday reported earnings before interest and taxes
(EBIT) of US$1,084 million for the full year 2004 on solid
growth in core division orders and revenues.  Net income was
US$201 million, up US$980 million compared to 2003.

EBIT in the fourth quarter more than doubled to US$264 million,
fuelled to a large extent by double-digit revenue growth in the
core divisions, Power Technologies and Automation Technologies.
Cash flow from operating activities increased 32% to US$880
million in the quarter, reaching US$962 million for the full
year.

The fourth-quarter EBIT was burdened, however, by a number of
non-recurring charges totaling approximately US$65 million in
the core divisions and US$30 million in Non-core activities.  In
addition, about US$60 million of non-cash charges related to
exiting businesses in Discontinued operations negatively
affected net income in the quarter.

"We met many of our objectives in a key turnaround year," said
Fred Kindle, ABB President and CEO.  "We again took out costs
and lifted productivity.  Coupled with a recovery in most
markets, we substantially increased EBIT and reported a rebound
in net income of almost US$1 billion.

"We faced some challenges in the year, including a delay in
resolving the asbestos issue," Mr. Kindle said.  "We are focused
on finding timely solutions to these issues, and took steps in
the fourth quarter to establish a more stable base for 2005."

To reflect the reclassification of the remaining oil, gas and
petrochemicals business (OGP) to continuing operations, ABB is
adjusting its 2005 group EBIT margin target to 7.7% from 8%.
The remaining growth and profitability targets are unchanged.

Summary of Fourth Quarter 2004 Results[1]

Total group orders received amounted to US$5,216 million, up 4%
in the quarter in local currencies (up 10% in U.S. dollar terms)
compared to the same quarter in 2003.

Combined orders for the core divisions were almost unchanged
(U.S. dollars: up 9%) in the fourth quarter, ended December 31,
2004, compared to the same period in 2003.  Base orders (orders
below US$15 million) in the core divisions grew by 10% (U.S.
dollars: 17%) and were higher in all regions and in six of ABB's
eight core division business areas, continuing the growth trend
seen earlier in the year.  Demand continued to improve in most
customer segments.  The chemical and pharmaceutical sectors,
turbo charging and utility customers showed the strongest growth
in the quarter.

The volume of large orders (orders above US$15 million) was down
in the fourth quarter, reflecting the timing of project awards.
Large orders represented 5% of total core division orders in the
fourth quarter, compared to 12% in the same period of the
previous year.

The growth seen in North America earlier in 2004 continued in
the fourth quarter, with both core divisions recording double-
digit order growth in local currencies compared to the year-
earlier period.  Combined core division orders in Asia were 5%
lower (unchanged in U.S. dollars).  In China, an order increase
in the Automation Technologies division was more than offset by
lower orders in Power Technologies.

Combined core division orders in Europe decreased in local
currencies (U.S. dollars: up 3%) as higher orders in Power
Technologies were offset by a decline in the Automation
Technologies division.

Orders in Non-core activities rose by almost 30% in the quarter.
The increase was mainly the result of higher orders in the
fourth quarter in the OGP business, which was reclassified into
continuing operations (see Appendix 2 on pages 17 and 18 of this
release for income statements and balance sheets for each of the
first three quarters of 2004 that reflect this adjustment, as
well as the reclassification of other businesses to Discontinued
operations).

The order backlog for the core divisions rose to US$11,196
million at the end of the fourth quarter, an increase of 7% in
local currencies (U.S. dollars: 14% higher) compared to the end
of the fourth quarter of 2003.  Including Non-core activities,
the order backlog for the ABB Group increased by 3% (U.S.
dollars: 9%) compared to the same period in 2003.

Group revenues in the fourth quarter amounted to US$5,971
million, 5% higher in local currencies (U.S. dollars: 11%
higher) than the same quarter in 2003.

Revenues in the core divisions grew by a combined 11% (U.S.
dollars: up 18%) in the fourth quarter, reflecting the strong
base order growth seen earlier in 2004.

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[1] Core division order and revenue development discussed in
local currencies unless otherwise indicated.  For the fourth
quarter 2004, currency translation effects increased reported
orders by approximately 8% and revenues by 7%.  For the full
year 2004, the positive impact was approximately 7% for both
orders and revenues.  EBIT is discussed in U.S. dollar terms.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Local currency revenues grew at a double-digit pace in six
business areas and were higher in U.S. dollar terms in all
business areas in the quarter.

Core division revenues grew in all regions, led by 26% growth in
Asia.  North America and western Europe showed single-digit
local-currency revenue growth in the quarter, while eastern
Europe, which accounted for approximately 15% of total revenues
in Europe in the period, showed more than 40-percent local-
currency revenue growth.

Revenues in Non-core activities decreased by approximately 40%
in both local and U.S. dollar terms, reflecting lower revenues
in OGP and the divestment of some Building Systems businesses
during 2003 and the first quarter of 2004.

Group EBIT more than doubled to US$264 million in the fourth
quarter compared to the same period in 2003, led by a 29-percent
increase in the Automation Technologies division.  EBIT in Power
Technologies decreased by 6%.

EBIT in the core divisions was burdened by approximately US$65
million in non-recurring costs in the quarter, comprising:

(a) In Power Technologies, approximately US$30 million from a
    write-down of notes receivable; and about US$15 million in
    project-related hedging losses;

(b) In Automation Technologies, US$22 million in costs to
    streamline operations;

EBIT in Non-core activities improved by approximately US$90
million but remained negative.  The loss included US$30 million
in non-recurring costs related to an infrastructure project in
Africa.

Corporate costs were higher in the quarter, at US$150 million
compared to US$147 million in the same quarter of 2003, mainly
the result of approximately US$15 million in currency
translation effects and the write-off of an e-business
investment in the fourth quarter of 2004.

The Group EBIT margin increased to 4.4% in the fourth quarter
from 2.4% in the same period in 2003, despite the EBIT loss in
OGP.  The EBIT margin in Automation Technologies rose to 8.9%
from 8.1%.  In Power Technologies, the EBIT margin decreased to
6.4% from 8.0%.

Finance net[2]

Finance net is interest and dividend income less interest and
other finance expense was negative US$66 million compared to
negative US$76 million in the fourth quarter of 2003.  Interest
and dividend income remained steady on similar levels of cash
and marketable securities while securitization costs decreased
compared to the fourth quarter of 2003.

The net loss in Discontinued operations amounted to US$82
million in the fourth quarter of 2004, compared to a net loss of
US$234 million in the same period in 2003.  The difference is
mainly the result of the non-recurrence of US$162 million in
after-tax losses recorded in the fourth quarter of 2003 related
to the divestment of the insurance business.

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[2] Finance net is interest and dividend income less interest
and other finance expense.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

The Discontinued operations result in the fourth quarter of 2004
included approximately US$60 million in one-time costs related
to exiting various businesses, including:

(a) Approximately US$30 million to cover losses on the sale and
    closure of several units in the power lines business that
    was reclassified to Discontinued operations from the Power
    Technologies division;

(b) US$15 million on the write-off of assets relating to the
    exit from wind energy activities; and

(c) A US$10-million charge on the sale of a small Automation
    Technologies business.

Net income for the group amounted to US$13 million in the fourth
quarter of 2004 compared to a net loss of US$391 million in the
same period a year earlier.

ABB employees numbered approximately 102,500 at the end of
December 2004, down more than 700 from the end of the third
quarter and around 14,000 compared to the end of 2003, mainly
the result of divestments.  Employment reduction during the
fourth quarter came mainly in the Power Technologies division,
Building Systems businesses and OGP.

Balance sheet

Cash and marketable securities at the end of December 2004
amounted to US$4.2 billion (excluding Discontinued operations),
up from US$3.7 billion at the end of September 2004.  The
increase resulted from improved cash flow from operations in the
fourth quarter, partially offset by cash outflows relating to
investing activities, including the funding of pension
liabilities in Germany.

At the end of December 2004, total debt (defined as total short
and long-term borrowings) was US$5.5 billion, compared to US$5.2
billion at September 30, 2004, and US$7.9 billion at the end of
December 2003.  The increase between the end of September 2004
and year-end is the result of changes in foreign exchange rates.
During 2004, ABB retired more than US$2.4 billion in debt.

The foreign exchange movements also affected gearing, defined as
total debt divided by total debt plus shareholders' equity
(including minority interest), which was 62% at the end of
December 2004, compared to 61% at the end of the previous
quarter and 71% at the end of December 2003.

Net debt (total debt less cash and marketable securities) was
US$1.3 billion, down from US$1.5 billion at the end of the third
quarter of 2004 and US$2.7 billion at the end of 2003.

Stockholders' equity at December 31, 2004, was US$3,060 million
compared to US$3,121 million at the end of September 2004.  The
decline, in spite of the positive net income, was primarily due
to periodic pension-related actuarial adjustments in the fourth
quarter of 2004.

Cash Flow from Operating Activities

(unaudited) US$ in millions             Q4 2004 Q4 2003 Change
Power Technologies                         454    440      14
Automation Technologies                    529    526       3
Non-core activities incl. OGP              136    (15)    151
Remaining upstream oil and gas              (5)    91    (96)
Corporate                                 (234)  (373)   139
Total net cash from operating activities   880    669    211

Cash flow from operating activities improved by more than US$200
million in the fourth quarter of 2004 compared to the same
period a year earlier.

Cash flow from operating activities in the core divisions
remained at the same high level as the year-earlier period.
Cash flow from OGP increased as the result of the completion of
several large projects.

Cash used in Corporate activities decreased in the quarter,
mainly the result of lower cash outflow for taxes compared to
the same quarter in 2003 as well as lower cash outflows related
to asbestos.

Cash used by investing activities in the fourth quarter 2004 was
US$289 million, compared to cash provided of US$279 million in
the same quarter of 2003.  The difference is mainly the result
of marketable securities transactions in the fourth quarter of
2004, including purchases related to discretionary funding of
pensions in Germany.

Asbestos

On December 2, 2004, the U.S. Third Circuit Court of Appeals
reversed confirmation of ABB's Chapter 11 Plan of Reorganization
for its U.S. subsidiary, Combustion Engineering (CE).

The Circuit court said that for the plan to be confirmed, the
lower courts would need to develop a fuller record that the CE
Settlement Trust (set up to fund and administer the payment of
settled asbestos claims filed against CE prior to November 2002)
and the two-trust structure on which the Plan was based, were
designed and implemented in a manner consistent with the
Bankruptcy Code.

The Circuit court also found that it was not appropriate to
include in the CE Plan certain asbestos claims against ABB
Lummus Global Inc. and Basic Incorporated not related to the
operation of CE.  ABB is currently reviewing mechanisms to deal
with the asbestos exposure of these two companies, which is
small compared to that of CE.  There are currently about 11,000
asbestos claims against ABB Lummus Global Inc., which have been
provided for.

ABB continues to review the Court of Appeals' opinion and to
consider various options to resolve the asbestos liability of
CE, ABB Lummus Global Inc. and Basic Incorporated.  Among other
things, ABB is considering whether changes to the CE Plan could
be made and has begun discussions with various parties.  ABB
remains committed to resolving all outstanding issues in a
timely manner but cannot at this point in time predict when a
resolution will be achieved nor what financial impact it might
have.

Dividend Recommendation

At its meeting of February 16, 2005, ABB's Board of Directors
recommended that no dividend be paid for 2004, in order to
further improve the company's balance sheet.  No dividend was
paid in 2003.  The recommendation is subject to shareholder
approval at ABB's annual general meeting on May 12, 2005, in
Zurich.

Outlook

To reflect the reclassification of OGP to continuing operations,
ABB has adjusted its 2005 group EBIT margin target, while the
remaining growth and profitability targets are unchanged.

From 2002 through to the end of 2005, ABB expects compound
average annual revenue growth of 4% in local currencies.  The
Power Technologies division expects compound average annual
revenue growth of 5.3% in local currencies.  The Automation
Technologies division expects compound average annual revenue
growth of 3.3% in local currencies.

For 2005, the EBIT margin target for the group has been revised
to 7.7% from 8% previously.  The adjustment reflects the
reclassification of the OGP business into continuing operations
from discontinued operations, where it had no impact on revenue
or EBIT.  The business was not included in the previous group
EBIT margin target set in 2002.

The 2005 EBIT margin target for the Automation Technologies
division remains unchanged at 10.7%.  While the Power
Technologies division has made substantial operational
improvements in recent months, achieving its 10-percent EBIT
margin target remains challenging.

The company also confirms its gearing target (defined as total
debt divided by total debt plus equity, including minority
interest) of approximately 50% by the end of 2005.

Revenue and margin targets exclude major acquisitions,
divestitures and business closures.

Summary of Full Year 2004 Results[3]
Orders received for the group amounted to US$21,689 million, an
increase of 3% in local currencies (10% in U.S. dollars) in the
full year 2004.  Higher core division orders -- up 15% for the
Power Technologies division (U.S. dollars: 22%) and 9% for
Automation Technologies (U.S. dollars: 17%) -- were largely
offset by a drop in orders from Non-core activities, reflecting
the divestment of most of the Building Systems business in 2003
and lower orders from OGP.

Local-currency orders grew at a double-digit rate in six of
ABB's eight core division business areas for the full year, and
were higher in all eight business areas compared to 2003.  Base
orders grew in both divisions and large orders were higher in
Power Technologies.  Core division orders were higher in all
regions except the Middle East and Africa.  Local-currency core
division orders were up 38% in Asia, led by a 68-percent
increase in China.  In North America, core division orders
increased about 20% in local currencies.  Orders in local
currencies in Europe for the core divisions were 4% higher.

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[3] Core division order and revenue development discussed in
local currencies unless otherwise indicated.  For the full year
2004, the positive impact was approximately 7% for both orders
and revenues.  EBIT is discussed in U.S. dollar terms.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Revenues for the group were US$20,721 million, down 5% in local
currencies for the full year 2004 compared to 2003 (U.S.
dollars: unchanged).  An 8-percent revenue increase in the core
divisions (U.S. dollars: 15%) was partly offset by lower
revenues in Non-core activities, particularly OGP.

Core division revenues were slightly higher in western Europe
and strongly higher in eastern Europe for the full year.  In
Asia, core division revenues grew 21% in local currencies.  Both
divisions saw the strongest Asian revenue growth in India,
followed by China.  Local currency revenues were slightly down
in North America for the full year compared to 2003.

ABB's EBIT for the full year 2004 more than tripled to US$1,084
million compared to 2003, led by a 39-percent increase in
Automation Technologies and a US$421-million reduction in the
EBIT loss from Non-core activities, reflecting the improvement
in EBIT from OGP.  EBIT in Power Technologies rose slightly,
while Corporate costs remained basically unchanged from 2003 at
about US$500 million in 2004.

As a result, the group EBIT margin for the full year 2004
increased to 5.2% compared to 1.7% in 2003.  The EBIT margin for
Power Technologies decreased to 7.0% in 2004 from 7.8% in 2003,
while the Automations Technologies EBIT margin increased to 9.3%
from 7.7% the year before.

Finance net was further reduced to negative US$223 million for
the full year 2004 compared to negative US$417 million the year
before.  Interest and dividend income increased on higher
average balances of cash and marketable securities compared to
2003, and higher average interest rates.  Interest expense
decreased due to the benefit of lower average debt levels in the
period.  Finance net for the full year also benefited from the
non-recurrence of losses in 2003 on the sale and write-down of
marketable securities.

The net loss in Discontinued operations amounted to US$247
million in 2004, compared to a net loss of US$408 million in
2003.  The improvement was mainly the result of the non-
recurrence of the capital loss related to the sale of the
reinsurance business and a reduction of US$114 million in costs
to cover the asbestos liabilities of several ABB subsidiaries.
These more than offset higher losses in 2004 from the power
lines business that was reclassified from Power Technologies
into discontinued operations.

Net income for the full year reached US$201 million compared to
a net loss of US$779 million in 2003.

Cash Flow from Operating Activities

Cash flow from operating activities amounted to US$962 million
for the full year 2004, an improvement of more than US$1 billion
compared to 2003, mainly the result of a reduction in 2004 of
asbestos-related cash payments of approximately US$340 million,
and a US$350-million reduction in cash used by the OGP business
compared to the year before.

Cash flow from investing activities for the full year decreased
to US$354 million from US$754 million in 2003.  Higher cash
proceeds from the sale of businesses in 2004, such as the
reinsurance business and upstream oil and gas business, were
more than offset by lower net cash proceeds from the sale of
marketable securities compared to 2003, when the sale of shares
in the China National Petrochemical Corporation (Sinopec)
generated cash proceeds of US$82 million.

Cash used by financing activities in 2004 amounted to US$2,805
million, mainly the result of the repayment of maturing bonds
and the repurchase of more than EUR700 million in public bonds
completed in the third quarter of 2004.  In addition to these
factors, cash flow from financing activities in 2004 decreased
by more than US$4 billion compared to 2003, reflecting primarily
the US$2.5 billion raised in 2003 from the issue of new ABB
shares.

Research and Development

R&D and order-related investment in the core divisions amounted
to US$905 million in 2004, up 10% compared to US$826 million in
2003.  Expressed percentage of core division revenues, total R&D
and order-related development in the core divisions was 4.6% in
2004 compared to 4.8% in 2003.

Divestments

Significant divestments in 2004 included the sale of ABB's
upstream oil and gas business, for an initial purchase price of
US$925 million (net cash of approximately US$800 million).  Also
divested in 2004 were the reinsurance business, which yielded
gross cash proceeds of US$415 million (net cash of approximately
US$280 million), and the Swiss Building Systems business for
approximately US$40 million in gross proceeds.

Management Changes

Effective January 1, 2005, Fred Kindle assumed the role of ABB
President and CEO, succeeding Jurgen Dormann, who remains as the
chairman of ABB Ltd.  Mr. Kindle, 45 and a citizen of both
Switzerland and Liechtenstein, was previously the CEO of Sulzer
AG, a Swiss-based technology concern.

Michel Demare, 48, joined ABB in January as chief financial
officer and member of the group executive committee.  Demare, a
Belgian citizen, came to ABB after an international finance
career with The Dow Chemical Company and most recently with
Baxter International, a U.S. health care group.

Divisional Performance Q4 2004

Power Technologies

(unaudited) (US$ in mill. except where indicated)
                           Q4     Q4 Change 2004  2003[1] Change
                          2004  2003[1]
Orders                    2,216  1,971  12%  9,372 7,682  22%
Revenues                  2,574  2,178  18%  8,755 7,598  15%
EBIT                        164    174  (6%)   610   595   3%
EBIT margin                 6.4%   8.0%        7.0%  7.8%
Restructuring costs
(incl. in EBIT)            (11) (14)         (51)  (61)
Cash from operating activities
                            454  440           499   639

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[1] Adjusted to reflect the move of activities to Discontinued
operations in 2004 and the move of substation automation
activities from the Automation Technologies division, effective
January 1, 2004.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Orders received increased 5% in local currencies (12% in U.S.
dollars) in the fourth quarter of 2004.  Base orders grew at a
double-digit pace while large orders were down in the quarter,
reflecting the timing of project awards.  Orders were higher in
the Medium-Voltage, Transformers and Utility Automation business
areas and lower in High-Voltage and Power Systems.

Orders were up 30% in the Americas (U.S. dollars: 32%), led by a
50-percent increase in North America.  Orders rose 10% (U.S.
dollars: 20%) in Europe, with increases in both eastern and
western Europe in the quarter.  Total orders were lower in Asia,
where a decrease in China in the quarter offset higher orders in
India.  Orders were lower in the Middle East and Africa in the
quarter.

The Power Technologies order backlog at the end of December,
2004, amounted to US$6,874 million, an increase of 7% (U.S.
dollars: 14%) compared to the end of December 2003.

Revenues increased 12% in local currencies (U.S. dollars: 18%)
in the fourth quarter of 2004 and were up in all business areas
except Power Systems.  Revenues grew at a double-digit pace in
the High-Voltage, Medium-Voltage and Transformers business
areas.  Revenues rose at a double-digit pace in Europe and Asia
in both local and U.S. dollar terms.  Revenues in local
currencies were unchanged in North America and almost 20% higher
in South America.

Fourth-quarter EBIT was 6% lower than in the same period in
2003.  EBIT in the quarter was higher in the High-Voltage and
Medium-Voltage business areas and lower in Transformers, Power
Systems and Utility Automation compared to the same period in
2003.

The Power Technologies division reported an EBIT margin of 6.4%
in the fourth quarter, down from 8.0% in the same period in
2003.  The margin was affected by an approximately US$30-million
write-down of notes receivable, and about US$15 million in
project-related hedging losses.

Cash flow from operations in the fourth quarter improved
slightly to US$454 million, the result of improved working
capital management, especially in inventories.

Power Technologies Full Year 2004 Summary

For the full year 2004, orders grew by 15% in local currencies
(U.S. dollars: up 22%) to US$9,372 million.  Both base and large
orders improved in 2004.  Orders were up in all business areas,
and grew at a double-digit pace in all business areas except for
Utility Automation.

Orders increased by more than 20% in North America.  In Asia,
orders grew more than 50%, led by an almost doubling of orders
in China, partly the result of the US$390-million contract to
build a high-voltage direct current (HVDC) link between the
Three Gorges hydro power project and the city of Shanghai.
Orders in western Europe were unchanged for the full year 2004,
and were more than 20% higher in eastern Europe.

Revenues grew to US$8,755 million in the full year 2004, an
increase of 9% in local currencies (U.S. dollars: 15%) compared
to 2003.  Revenues were higher in Utility Automation and
increased at a double-digit pace in the High-Voltage, Medium-
Voltage and Transformers business areas.  Revenues fell slightly
in Power Systems.

Local-currency revenues in 2004 were up more than 10% in Asia
and the Middle East and Africa.  Revenues were unchanged in the
Americas, with an increase in South America offset by a small
decrease in North America.  Revenues in Europe were up 6% (U.S.
dollars: 17%), combining a modest increase in western Europe
with local-currency growth of more than 25% in eastern Europe.

Full-year EBIT grew to US$610 million in 2004, 3% higher than
the year before.  EBIT increased strongly in the High-Voltage
and Medium-Voltage business areas, and was higher in Power
Systems.  EBIT was flat in Transformers and down in Utility
Automation.

The full-year EBIT margin in Power Technologies amounted to 7.0%
in 2004 compared to 7.8% for 2003.  Non-recurring costs were the
main reasons for the decrease.

Cash flow from operating activities in 2004 amounted to about
US$500 million, down from US$639 million in 2003, mainly the
result of lower advance payments from customers.

As of January 1, 2005, the Power Technologies division reduced
its five business areas into two, organized around products and
systems.  The Power Technology Products business area
incorporates ABB's manufacturing network for power technologies,
such as switchgear, breakers, transformers and cables.  The
Power Technology Systems business area offers systems for power
transmission and distribution grids, and for power plants.  ABB
will begin reporting the Power Technologies division's results
under the new organization when it publishes its first-quarter
2005 earnings on April 28, 2005.

Automation Technologies

(unaudited) (US$ in mill. except where indicated) Q4

                      2004 Q4 2003[1] Change 2004 2003[1] Change
Orders                 2,722  2,570    6%  11,334  9,691   17%
Revenues               3,168  2,684   18%  11,030  9,628   15%
EBIT                     281    218   29%   1,027    738   39%
EBIT margin              8.9%   8.1%          9.3%   7.7%
Restructuring costs
  (incl. in EBIT)        (38)   (58)          (72)  (139)
Cash from operating activities
                         529    526         1,090     814

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[1] Adjusted to reflect the move of activities to Discontinued
operations in 2004 and the move of substation automation
activities to the Power Technologies division, effective January
1, 2004.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Orders received were down 2% in local currencies (up 6% in U.S.
dollars) in the fourth quarter of 2004.  Base orders grew at
close to a double-digit pace, which lifted the order intake in
the Automation Products and Manufacturing Automation business
areas.  This improvement was offset by fewer large orders during
the quarter in the Process Automation business area.

Double-digit order growth in the quarter in local currencies
continued in North and South America and the Middle East and
Africa.  Local currency order growth in Asia was modest, with
higher orders in China offset by a decrease in India.  Western
European orders were down 5% in local currencies (U.S. dollars:
up 5%), while eastern European orders decreased strongly as a
result of fewer large orders compared to the same quarter in
2003.

The order backlog for Automation Technologies at the end of
December, 2004, amounted to US$4,322 million, up 6% in local
currencies (U.S. dollars: up 13%) compared to the end of 2003.

Revenues grew by 10% in local currencies (U.S. dollars: 18%),
reflecting the strong order intake earlier in the year,
especially in the product businesses.  Revenues were lower in
Manufacturing Automation, reflecting the low opening backlog at
the beginning of 2004.

EBIT in the fourth quarter rose by 29% compared to the same
quarter in 2003.  EBIT was higher in Automation Products despite
expenses of US$22 million in non-recurring costs to streamline
operations.  EBIT was also higher in Manufacturing Automation
but lower in Process Automation.

The Automation Technologies EBIT margin improved in the fourth
quarter to 8.9% from 8.1% in the same period in 2003.  A greater
proportion of higher-margin service and product sales and
ongoing productivity improvements contributed to the
improvement.

Cash flow from operating activities was strong for the fourth
quarter at US$529 million on focused working capital management,
matching the level in the same period in 2003.

Automation Technologies Full Year 2004 Summary

For the full year 2004, orders amounted to US$11,334 million, 9%
higher in local currencies (U.S. dollars: 17%) than the year
before.  Orders were higher in Process Automation and grew at a
double-digit pace in the Automation Products business area,
reflecting improved demand among most customer segments in the
year.  Orders were also higher in the Manufacturing Automation
business area in 2004, mainly the result of stronger investments
from the U.S. automotive sector.

Local-currency orders showed double-digit growth in North
America, China and India.  Orders in Europe rose 4%.

Revenues rose to US$11,030 million for the full year 2004, up 7%
in local currencies (U.S. dollars: 15%).  Revenues were higher
in Automation Products, with improvements across all product
groups.  Process Automation revenues increased as higher
revenues in the oil and gas, minerals, turbocharging and control
products sectors more than offset lower revenues in pulp and
paper and marine.  Revenues were lower in Manufacturing
Automation reflecting the low order backlog at the beginning of
the year.

Revenues were more than 30% higher in both local currency and
U.S. dollar terms in Asia in 2004 compared to 2003.  Local-
currency revenues were slightly higher in Europe, and slightly
lower in both North and South America, reflecting the low
backlog at the beginning of 2004.

EBIT was strongly higher in all business areas for the full year
2004, resulting in a 39-percent increase to US$1,027 million,
and an EBIT margin of 9.3% in 2004 compared to 7.7% in 2003.

Full-year cash flow from operations rose to more than US$1
billion, up 34% compared to 2003.

Non-core activities
(unaudited) US$ in millions Revenue EBIT
2004 20031 Q4
2004 Q4 20031 2004 20031
Oil, gas and petrochemicals 1,079 1,876 (12) (57)  (4) (296)
Building Systems              508 1,829 (23) (43) (70) (104)
Equity Ventures                 7    26  22    8   69    76
Remaining Structured Finance    6    48  (5)  (6) (14)  (65)
New Ventures                   49    53   9    4   (5)  (21)
Other non-core activities      44   471 (22) (24) (22)  (57)
Total                       1,693 4,303 (31)(118) (46) (467)
Restructuring costs
(incl. in EBIT)                        (20) (50) (32)  (111)

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[1] Adjusted to reflect the reclassification of the remaining
oil, gas and petrochemicals business to continuing operations
and of other activities to Discontinued operations in 2004
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

The EBIT loss in Non-core activities, which are businesses that
ABB intends to divest, decreased by US$87 million in the fourth
quarter compared to the same period a year earlier.

Part of the improvement came from the OGP business, which was
reclassified to continuing operations from discontinued
operations in accordance with U.S. GAAP requirements and is now
reported under Non-core activities.

Revenues in OGP were down significantly, mainly reflecting the
change in strategy to lower-risk reimbursable contracts rather
than large scope fixed-price contracts, and the winding down of
several large projects in the fourth quarter, including projects
in The Netherlands and Saudi Arabia.

EBIT for the fourth quarter of 2004 in OGP improved by US$45
million compared to the same period in 2003 but remained a loss.
The main reason for the negative result was a US$26-million non-
cash charge during the fourth quarter of 2004 to cover
depreciation costs for the two years during which the business
was in Discontinued operations.  As required under U.S. GAAP, no
depreciation charges were taken while the business was in
Discontinued operations, and the company is required to take the
full expense during the current reporting period.

The Building Systems businesses improved their EBIT in the
quarter, although it remained a loss.  Lower restructuring
expenses and a break-even result in Germany were offset by
further costs associated with the disposal or winding down of
business in other countries.

The EBIT loss in Other non-core activities is the result of a
US$30-million non-recurring cost related to an infrastructure
project in Africa.

For the full year 2004, the reduction of the EBIT loss is mainly
the result of lower operational losses in the OGP business and
in Building Systems businesses, as well as the non-recurrence in
Structured Finance of the loss in 2003 on the sale of ABB's
stake in the Swedish Export Credit Corp.

Corporate

(unaudited) EBIT (US$ in millions)

                          Q4 2004 Q4 2003[1] 2004    2003[1]

Headquarters/stewardship    (128)    (94)    (421)    (352)
Research and development     (24)    (21)     (91)     (92)
Other[2]                       2     (32)       5      (65)
Total                       (150)   (147)    (507)    (509)
Restructuring costs
  (incl. in EBIT)             (7)    (25)     (10)     (29)

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[1] Adjusted to reflect the reclassification of the remaining
oil, gas and petrochemicals business to continuing operations
and of other activities to Discontinued operations in 2004 2
Includes consolidation effects, real estate and Treasury
Services
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Headquarters and stewardship costs increased by US$34 million in
the fourth quarter compared to the same period in 2003.  The
main reasons for the difference were currency translation
effects of approximately US$14 million, since most corporate
costs are incurred in currencies other than the U.S. dollar, and
a US$14-million expense in the fourth quarter of 2004 on the
write-down of an e-business investment.

The EBIT improvement in Other is due to lower restructuring
costs and the non-recurrence of some real estate write-downs
taken in the fourth quarter of 2003.

For the full year 2004, Headquarters costs increased, due mainly
to the non-recurrence of the approximately US$60-million capital
gain recorded in 2003 on the sale of some Building Systems
businesses.  Currency translation effects in 2004 increased the
reported Corporate costs by about US$35 million compared to
2003.

Other Income Statement Items

Other income (expense), net (included in EBIT)
(unaudited) US$ in millions            Q4 2004 Q4 20031
Restructuring charges                    (76)    (147)
Capital gains                             37        7
Write-downs of assets                    (40)     (19)
Income from equity-accounted companies,
licenses and other                       37       35
Total                                    (42)    (124)

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[1] Adjusted to reflect the reclassification of the remaining
oil, gas and petrochemicals business to continuing operations,
and of other activities to Discontinued operations in 2004
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Restructuring charges in the fourth quarter were US$71 million
lower than the year-earlier period, reflecting the non-
recurrence of costs associated with ABB's Step Change
productivity improvement program, which was essentially complete
by the middle of 2004.  For the full year, restructuring charges
totaled US$165 million.

Net capital gains in the fourth quarter included US$20 million
for the divestment of equity investments in the New Ventures
business and gains on a number of real estate divestments.

The write-down of assets is due mainly to notes receivable in
the Power Technologies division and an e-business investment.

Income from licenses and equity-accounted companies was stable
at US$37 million, reflecting primarily income from the company's
Equity Ventures portfolio.

Discontinued operations (not included in EBIT)

(unaudited) US$ in millions  Q4 2004   Q4 2003[1]  2004  2003[1]

Insurance                       (4)      (162)     (41)    (97)
Asbestos                        13          8      (28)   (142)
Upstream oil and gas           (18)       (43)     (70)    (44)
Power lines                    (47)         4      (75)    (10)
Wind energy                    (15)       (22)     (25)    (42)
Other                          (11)       (19)      (8)    (73)
Net loss                       (82)      (234)    (247)   (408)

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[1] Adjusted to reflect the reclassification of the remaining
oil, gas and petrochemicals business to continuing operations,
and of other activities to Discontinued operations in 2004
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

The main contributor to the reduction in the loss from
Discontinued operations in the fourth quarter of 2004 was the
non-recurrence of the loss related to the sale of the
reinsurance business in 2003.

The upstream oil and gas result includes costs of US$11 million
in the fourth quarter to adjust pension liabilities related to
the divestment of the upstream business in 2004, as well as
ongoing transaction costs.

The OGP business is no longer in Discontinued operations and its
results are now reported as part of Non-core activities.

Discontinued operations also includes losses from the power
lines business, reclassified from the Power Technologies
division following the decision in the fourth quarter to divest
and close several units.  Costs associated with these steps to
exit the business were the main contributors to the fourth
quarter net loss in power lines of US$47 million.

The loss in the wind energy business is related primarily to a
US$15-million write-down of assets in a wind park project in
Greece.

The line Other includes a loss of approximately US$10 million
associated with the ongoing sale of a small Process Automation
unit in the Automation Technologies division.

Further Information

The 2004 Q4 and full-year results press release and presentation
slides are available from February 17, 2005 at
http://www.abb.com/investorrelations.

ABB Ltd. (http://www.abb.com)is a leader in power and
automation technologies that enable utility and industry
customers to improve performance while lowering environmental
impact.  The ABB Group of companies operates in around 100
countries and employs about 102,000 people.

Zurich, February 17, 2005
Fred Kindle, President and CEO

Financial tables are available free of charge at:
http://bankrupt.com/misc/ABB_Ltd_2004.pdf

CONTACT:  ABB LTD.
          Affolternstrasse 44
          8050 Zurich, Switzerland
          Phone: +41 43 317 7111
          Fax:   +41 43 317 4420
          Web site: http://www.abb.com


SERVETTE DE GENEVE: 115-year-old Soccer Club Declares Bankruptcy
----------------------------------------------------------------
Servette de Geneve Football, one of the country's oldest
football clubs, declared bankruptcy Wednesday after potential
investors pulled out of a deal, Agence France-Presse says.

In a statement posted on its Web site, the club admitted "[it]
is definitely bankrupt."  According to AFP, the group will
immediately be relegated from the top flight to the third
division.

Servette blames past owners who failed to fulfill their
financial pledges.  The club had been locked in a fight between
potential Middle East investors, local politicians and player
agent Marc Roger.  Mr. Roger bought the club last year after
receiving promises of support from former Real Madrid chairman
Lorenzo Sanz.

The club is also struggling to draw spectators to Geneva's newly
built stadium, which was specially constructed for the Euro 2008
tournament.  The club has yet to pay its players, most of whom
have transferred to other European clubs.  Servette's board
plans to relaunch the club that will play on semi-professional
basis.

Servette has been competing for 115 years now, winning 17 Swiss
league titles and seven Swiss cups.  The club currently occupies
the eighth position in the ten-club Swiss Super League.

CONTACT:  SERVETTE DE GENEVE FOOTBALL S.A.
          12, rte des jeunes
          1227 Carouge
          Phone: 022 308 89 89
          Fax: 022 308 89 60
          E-mail: infos@servettefc.ch
          Web site: http://www.servettefc.ch


=============
U K R A I N E
=============


LVIV' RUBBER: Temporary Insolvency Manager Moves in
---------------------------------------------------
The Economic Court of Lviv region commenced bankruptcy
supervision procedure on OJSC Lviv' Rubber Technical Products
Plant (code EDRPOU 00152419).  The case is docketed as 6/309-
29/270.  Mr. Y. Gula (License Number AA 419202) has been
appointed temporary insolvency manager.  The company holds
account number 260093858 at JSPPB Aval, Lviv regional branch,
MFO 325570.

CONTACT:  LVIV' RUBBER TECHNICAL PRODUCTS PLANT
          79019, Ukraine, Lviv region,
          Zhovkivska Str. 22

          Mr. Y. Gula
          Temporary Insolvency Manager
          Ukraine, Lviv region,
          Polubotok Str. 11/71

          ECONOMIC COURT OF LVIV REGION
          79010, Ukraine, Lviv region,
          Lichakivska Str. 81


NAFTOHIMEKOLOGIYA: Declares Bankruptcy
--------------------------------------
The Economic Court of Lugansk region commenced bankruptcy
supervision procedure on Naftohimekologiya (code EDRPOU
13407128).  The case is docketed as 22/142-b.  Mr. Sivolobov
Maxim (License Number AA 783237) has been appointed temporary
insolvency manager.  The company holds account number
26004396047006 at CB Privatbank, Lugansk branch, MFO 304795.

Creditors may submit their proofs of claim to:

(a) NAFTOHIMEKOLOGIYA
    93120, Ukraine, Lugansk region,
    Lisichansk, Sverdlov Str. 416

(b) Mr. Sivolobov Maxim
    Temporary Insolvency Manager
    Ukraine, Lugansk region,
    Osipenko, 6/39

    Postal address:
    Ukraine, Lugansk region,
    Mistechko Shorsa, 31/96

(c) ECONOMIC COURT OF LUGANSK REGION
    91000, Ukraine, Lugansk region,
    Geroiv VVV Square, 3a


OBERIG: Undergoes Bankruptcy Supervision Procedure
--------------------------------------------------
The Economic Court of Vinnitsya region commenced bankruptcy
supervision procedure on Agricultural LLC Oberig (code EDRPOU
03731336).  The case is docketed as 5/560-04.  Mr. S. Malahov
(License Number AA 250370) has been appointed temporary
insolvency manager.  The company holds account number 2600811935
at JSPPB Aval, Vinnitsya regional branch, MFO 302247.

Creditors may submit their proofs of claim to:

(a) OBERIG
    22500, Ukraine, Vinnitsya region,
    Lipovets, Shevchenko Str. 33

(b) Mr. S. Malahov
    Temporary Insolvency Manager
    2100, Ukraine, Vinnitsya region,
    Keletska Str. 126/137

(c) ECONOMIC COURT OF VINNITSYA REGION
    21036, Ukraine, Vinnitsya region,
    Hmelnitske Shose, 7


ORIHIVKA-SUGAR: Names Sergij Boltik Insolvency Manager
------------------------------------------------------
The Economic Court of Poltava region commenced bankruptcy
proceedings against Orihivka-Sugar (code EDRPOU 00372279) on
December 16, 2004 after finding the open joint stock company
insolvent.  The case is docketed as 7/378-10/157.  Arbitral
manager Mr. Sergij Boltik (License Number AA 779134) has been
appointed liquidator/insolvency manager.  The company holds
account number 26009179732001at CB Privatbank, Lubenske branch,
MFO 331401.

CONTACT:  ORIHIVKA-SUGAR
          Ukraine, Poltava region,
          Lubenskij district, Novoorihivka

          Mr. Sergij Boltik,
          Liquidator/Insolvency Manager
          36009, Ukraine, Poltava region,
          Kondratenko Str. 6, 2nd floor

          ECONOMIC COURT OF POLTAVA REGION
          36000, Ukraine, Poltava region,
          Zigina Str. 1


PROKSIM-TRADING: Zaporizhya Court Opens Bankruptcy Proceedings
--------------------------------------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
proceedings against Proksim-Trading (code EDRPOU 31380139) on
January 5, 2005 after finding the limited liability company
insolvent.  The case is docketed as 19/80 (04).  Arbitral
manager Mr. Dmitro Gerashenko (License Number AA 250439) has
been appointed liquidator/insolvency manager.

Creditors may submit their proofs of claim to:

(a) PROKSIM-TRADING
    69037, Ukraine, Zaporizhya region,
    40 Rokiv Radyanskoyi Ukraini Str. 40

(b) Mr. Dmitro Gerashenko
    Liquidator/Insolvency Manager
    69037, Ukraine, Zaporizhya region,
    Rekordna Str. 20

(c) ECONOMIC COURT OF ZAPORIZHYA REGION
    69001, Ukraine, Zaporizhya region,
    Shaumyana Str. 4


SAMARSKI STAVKI: Court Brings in Insolvency Manager
---------------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
proceedings against Samarski Stavki (code EDRPOU 30835613) on
December 22, 2004 after finding the limited liability company
insolvent.  The case is docketed as 15/146 B.  Arbitral manager
Mr. O. Samsonov (License Number AA 116081) has been appointed
liquidator/insolvency manager.

CONTACT:  SAMARSKI STAVKI
          84000, Ukraine, Donetsk region,
          Oleksandrivskij district, Vesela gora

          Mr. O. Samsonov
          Liquidator/Insolvency Manager
          85030, Ukraine, Donetsk region,
          Dobropilskij district, Krivorizhya,

          ECONOMIC COURT OF DONETSK REGION
          83048, Ukraine, Donetsk region,
          Artema Str. 157


TECHSERVICE: Bankruptcy Proceedings Begin
-----------------------------------------
The Economic Court of Lugansk region commenced bankruptcy
proceedings against Techservice (code EDRPOU 32787394) on
December 24, 2004 after finding the limited liability company
insolvent.  The case is docketed as 22/143b.  Arbitral manager
Mrs. Vera Chugunova (License Number AA 487830) has been
appointed liquidator/insolvency manager.  The company holds
account number 2600330121301 at Prominvestbank, Stahanov branch,
MFO 304353.

Creditors may submit their proofs of claim to:

(a) TECHSERVICE
    Ukraine, Lugansk region,
    Stahanov, Vodoprovidna Str. 21

(b) Mrs. Vera Chugunova
    Liquidator/Insolvency Manager
    91011, Ukraine, Lugansk region,
    Lutuginska Str. 123/6

(c) ECONOMIC COURT OF LUGANSK REGION
    91000, Ukraine, Lugansk region,
    Geroiv VVV Square, 3a


UKOOPPOSTACHMASH: Under Bankruptcy Supervision
----------------------------------------------
The Economic Court of Zhitomir region commenced bankruptcy
supervision procedure on Joint Enterprise Ukooppostachmash (code
EDRPOU 01728933) on October 25, 2004.  The case is docketed as
4/166 B.  Mrs. Oksana Krutous (License Number AA 630050) has
been appointed temporary insolvency manager.  The company holds
account number 26000301171672 at Prominvestbank, Zhitomir
central branch, MFO 311056.

Creditors may submit their proofs of claim to:

(a) UKOOPPOSTACHMASH
    Ukraine, Zhitomir region,
    Stanishivskij Square, 7

(b) Mrs. Oksana Krutous
    Temporary Insolvency Manager
    Ukraine, Zhitomir region,
    Shidna Str. 81/35

(c) ECONOMIC COURT OF ZHITOMIR REGION
    10002, Ukraine, Zhitomir region,
    Putyatinski Square, 3/65


ZHASHKIVSKIJ SUGAR: Liquidator Takes over Operations
----------------------------------------------------
The Economic Court of Cherkassy region commenced bankruptcy
proceedings against OJSC Zhashkivskij Sugar Plant (code EDRPOU
00373669) on December 30, 2004 after finding the limited
liability company insolvent.  The case is docketed as 08/4952.
Arbitral manager Mr. Pshenichnij Sergij (License Number AA
116162 of December 30, 2004) has been appointed
liquidator/insolvency manager.

Creditors may submit their proofs to:

(a) ZHASHKIVSKIJ SUGAR PLANT
    Ukraine, Cherkassy region, Zhashkiv

(b) ECONOMIC COURT OF CHERKASSY REGION
    18005, Ukraine, Cherkassy region,
    Shevchenko Avenue, 307


ZHOVTEN: Vinnitsya Court Names N. Voznyakevich Liquidator
---------------------------------------------------------
The Economic Court of Vinnitsya region commenced bankruptcy
proceedings against Zhovten (code EDRPOU 03730779) on November
25, 2004 after finding the limited liability company insolvent.
The case is docketed as 10/102-04.  Arbitral manager Mr. N.
Voznyakevich (License Number AA 249802) has been appointed
liquidator/insolvency manager.  The company holds account number
260451622 at JSPPB Aval, Nemirivske branch, MFO 302247.

CONTACT:  ZHOVTEN
          Ukraine, Vinnitsya region,
          Nemirivskij district, V. Bushinka

          Mr. N. Voznyakevich
          Liquidator/Insolvency Manager
          Ukraine, Vinnitsya region,
          Hmelnitske Shose Str. 2-A, Room 712
          Phone: (0432) 39-97-85

          ECONOMIC COURT OF VINNITSYA REGION
          21100, Ukraine, Vinnitsya region,
          Hmelnitske Shose, 7


===========================
U N I T E D   K I N G D O M
===========================


A C ELECTRICAL: Creditors to Appoint Liquidator Next Month
----------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

           IN THE MATTER OF A C Electrical (U.K.) Ltd.
                    (In Compulsory Liquidation)

I, Derek Forsyth of Campbell Dallas, Sherwood House, 7 Glasgow
Road, Paisley PA1 3QS, hereby give notice that I was appointed
Interim Liquidator of A C Electrical (U.K.) Ltd. on January 21
2005, by Interlocutor of the Sheriff at Stirling.

Notice is hereby given, pursuant to Section 138 of the
Insolvency Act 1986, that the First Meeting of Creditors of the
above Company will be held within Sherwood House, 7 Glasgow
Road, Paisley PA1 3QS on March 3, 2005, at 11:00 a.m. for the
purpose of choosing a Liquidator and determining whether to
establish a Liquidation Committee.

A Resolution at the Meeting will be passed if a majority of
those voting have voted in favor of it.

A Creditor will be entitled to vote at the Meeting only if a
claim has been lodged with me at the Meeting or before the
Meeting at my office and it has been accepted for voting
purposes in whole or in part.  For the purpose of formulating
claims, Creditors should note that the date of commencement of
the Liquidation is November 25, 2004.  Proxies may also be
lodged with me at or before the Meeting at my office.

Derek Forsyth, Interim Liquidator
January 27, 2005

CONTACT:  CAMPBELL DALLAS
          Sherwood House
          7 Glasgow Road
          Paisley PA1 3QS
          Phone: 0141 887 4141
          Fax: 0141 887 1103
          E-mail: psly@camdal.com
          Web site: http://www.camdal.com


ARCHVIEW LIMITED: Barclays Bank Appoints Ernst & Young Receiver
---------------------------------------------------------------
Name of companies:
Archview Limited
Noxet UK Limited
USM Holdings Limited

Barclays Bank Plc called in D. K. Duggins and I. Best (Office
Holder Nos 8324, 8631) joint administrative receivers for these
companies.  The application was filed Feb. 8, 2005.  The company
manufactures textiles and clothing.

CONTACT:  ERNST & YOUNG LLP
          One Colmore Square,
          Birmingham B3 6HQ
          Web site: http://www.ey.com


BEGGARMANS FARMS: In Administrative Receivership
------------------------------------------------
Adams & Remers called in William Jeremy Jonathan Knight (Office
Holder No 2236) joint administrative receivers for beef farmers
Beggarmans Farms Limited.  The application was filed Feb. 10,
2005.

CONTACT:  JEREMY KNIGHT & CO.
          68 Ship Street, Brighton,
          East Sussex BN1 1AE


BILLFIELDS FOOD: Calls in Administrator from Hurst Morrison
-----------------------------------------------------------
Paul William Ellison and Gareth Wyn Roberts (IP Nos 7254, 1162)
have been appointed joint administrators for Billfields Food
Company Limited.  The appointment was made Feb. 11, 2005.  The
company supplies meat, poultry and game.

CONTACT:  HURST MORRISON THOMSON CORPORATE RECOVERY LLP
          5 Fairmile, Henley on Thames,
          Oxfordshire RG9 2JR
          Phone: +44 (0) 1491 579866
          Fax:   +44 (0) 1491 573397
          E-mail: hmt@hmtgroup.co.uk


BURT'S BOOZE: Hires Liquidator from Poppleton & Appleby
-------------------------------------------------------
At the extraordinary general meeting of Burt's Booze Limited on
Feb. 8, 2005 held at Poppleton & Appleby, The Old Barn,
Caverswall Park, Caverswall Lane, Stoke on Trent, Staffordshire
ST3 6HP, the subjoined special resolution to wind up the company
was passed.  Robert Michael Young and Ian Michael Rose of
Poppleton & Appleby, The Old Barn, Caverswall Park, Caverswall
Lane, Stoke on Trent, Staffordshire ST3 6HP has been appointed
joint liquidators of the company.

CONTACT:  THE P&A PARTNERSHIP
          The Old Barn, Caverswall Park, Caverswall Lane
          Stoke on Trent ST3 6HP
          Phone: (0114) 275 5033
          Fax: (0114) 276 8556
          E-mail: info@poppletonappleby.co.uk
          Web site: http://www.thepandapartnership.com


CABLE & WIRELESS: Completes Sale of Japanese Subsidiary
-------------------------------------------------------
On 26 October 2004, Cable and Wireless plc announced that it had
agreed to sell its stake in Cable & Wireless IDC Inc., its
Japanese subsidiary, to Softbank Corp., in line with its
strategy to focus on businesses with strong positions in their
primary markets.

Cable & Wireless announced on 17 February 2005 that the sale has
been completed.

Cable & Wireless has received a consideration of GBP71.7
million, comprising GBP62.3 million of cash and Softbank's
assumption of GBP9.4 million of debt*.

Cable & Wireless will be retaining a sales office and two
network data nodes in Japan to maintain services specifically
for its international corporate customers.

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
* The figures above assume an exchange rate of Yen 197.9: GBP1
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

UBS Investment Bank acted as sole financial advisor to Cable &
Wireless on the transaction.

Cable & Wireless is one of the world's leading international
communications companies.  It provides voice, data and IP
(Internet Protocol) services to business and residential
customers, as well as services to other telecoms carriers,
mobile operators and providers of content, applications and
Internet services.

Cable & Wireless' principal operations are in the United
Kingdom, continental Europe, Asia, the Caribbean, Panama and the
Middle East.  For more information about Cable & Wireless, visit
http://www.cw.com.

UBS Limited is acting for Cable & Wireless and no one else in
connection with the sale of IDC and will not be responsible to
anyone other than Cable & Wireless for providing the protections
afforded to clients of UBS or for providing advice in relation
to the sale of IDC.

CONTACT:  CABLE & WIRELESS
          Investor Relations:
          Louise Breen, Director, Investor Relations
          Phone: +44 20 7315 4460

          Craig Thornton, Manager, Investor Relations
          Phone: +44 20 7315 6225

          Virginia Porter
          VP, Investor Relations and Assoc. General Counsel
          Phone: 001 212 551 3563

          Media:
          Lesley Smith
          Group Director Corporate and Public Affairs
          Phone: +44 20 7315 4410

          Steve Double
          Group Head of Media Communications
          Phone: +44 20 7315 6759

          Peter Eustace
          Head of Media Relations
          Phone: +44 20 7315 4495

          SOFTBANK
          CW Japan
          East Tower 4th Floor
          Otemachi First Square
          1-5-1 Otemachi Chiyoda-ku,
          Tokyo 100-0004

          PR Department
          Phone: +81 3 5642 8013

          David May
          General Manager, Cable and Wireless Japan
          Phone: +81 3 5219.1258


CASEGROOVE LIMITED: Members Final Meeting Next Month
----------------------------------------------------
The final meeting of the members of Casegroove Limited will be
on March 30, 2005 at 10:00 a.m.  It will be held at Grant
Thornton UK LLP, 1 Westminster Way, Oxford OX2 0PZ.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged
with Grant Thornton UK LLP, 1 Westminster Way, Oxford OX2 0PZ
not later than 12:00 noon, March 29, 2005.

CONTACT:  GRANT THORNTON
          1 Westminster Way,
          Oxford OX2 0PZ
          Phone: 01865 799899
          Fax: 01865 724420
          Web site: http://www.grant-thornton.co.uk


DV CONSULTING: Calls in Liquidator from Geoffrey Martin & Co.
-------------------------------------------------------------
At the extraordinary general meeting of DV Consulting Limited on
Feb. 7, 2005 held at 3-5 St John Street, London EC1M 4AA, the
special resolutions to wind up the company were passed.  Stephen
Goderski of Geoffrey Martin & Co, 7-8 Conduit Street, London W1S
2XF has been appointed liquidator of the company.

CONTACT:  GEOFFREY MARTIN & CO.
          7-8 Conduit Street,
          London W1S 2XF


EPIC BRAND: Hires KPMG to Liquidate Company
-------------------------------------------
Following the Extraordinary General Meeting of EPIC Brand
Investments PLC held on Feb. 17, 2005 at noon, shareholders
voted unanimously in favor of the resolution, with over 50% of
shares outstanding being voted.

Accordingly, Mr. Michael John Fayle of KPMG LLC was appointed
liquidator for the purposes of winding-up the Company and the
powers of the Directors ceased.

Resignation of certain Directors

Francois de Visscher, Jan Verstijnen and Jo Welman each resigned
at the conclusion of the EGM.

Distribution of cash

A further announcement will be made shortly concerning the
amount of the first cash distribution.

CONTACT:  KPMG
          Phone: 01624 681 000
          Peter Halpin

          ING CORPORATE FINANCE
          Phone: 020 7767 1000
          Nicholas Gold
          William Marle


EURO BROKERS: Sets Final Meeting March
--------------------------------------
The final meeting of the members of Euro Brokers London Limited
will be on March 18, 2005 at 10:00 a.m.  It will be held at the
offices of Richard Long & Co, Castlegate House, 36 Castle
Street, Hertford, Hertfordshire SG14 1HH.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged
with Richard Long & Co., Castlegate House, 36 Castle Street,
Hertford, Hertfordshire SG14 1HH not later than 12:00 noon,
March 17, 2005.

CONTACT:  RICHARD LONG & CO.
          Castlegate House, 36 Castle Street,
          Hertford, Hertfordshire SG14 1HH


EVERDON PLC: Schedules Members General Meeting March
----------------------------------------------------
The general meeting of the members of Everdon Plc will be on
March 16, 2005 at 10:00 a.m.  It will be held at Baker Tilly,
5th Floor, Exchange House, 446 Midsummer Boulevard, Central
Milton Keynes.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged
with Baker Tilly, 5th Floor, Exchange House, 446 Midsummer
Boulevard, Central Milton Keynes not later than 12:00 noon,
March 15, 2005.

CONTACT:  BAKER TILLY
          5th Floor, Exchange House,
          446 Midsummer Boulevard,
          Central Milton Keynes MK9 2EA
          Phone: 01908 687 800
          Fax:   01908 687 801
          Web site: http://www.bakertilly.co.uk


EXETER SMALLER: Considers Liquidation Best Option
-------------------------------------------------
As explained in the Chairman's statement in the Report and
Accounts for the year ended 30 September 2004, the Board of
Exeter Smaller Companies Income Fund Limited has been
considering the options available for the Company and its
subsidiary ESCIF Securities Limited.  Having considered this
matter further and having taken advice from the Group's brokers,
Collins Stewart, the Board has concluded that the most
appropriate way forward for the Group would be for the Group to
be placed into liquidation.

The Board is proposing that on an early liquidation (which would
require a special resolution to be passed by the ordinary
shareholders and an extraordinary resolution of the zero
dividend preference shareholders):

(a) Ordinary Shareholders would receive 0.1p per share; and

(b) Zero Dividend Preference Shareholders would receive the net
    assets of the Group after deducting the amount payable to
    Ordinary Shareholders and the costs of the liquidation,
    including any costs associated with the early repayment of
    the bank loan from Bank of Scotland.  As at 31 January 2005
    it is estimated that the costs of these proposals before any
    costs associated with disposing of the Company's investment
    portfolio would have been approximately GBP235,000.

The Board has spoken to certain large shareholders of the Group
who have indicated their support.  Following this announcement,
which places the matter in the public domain, the Board will be
permitted to consult more widely with the Group's shareholders.

The timing of any liquidation has not been determined; however
it is important that the timing will be such that the Group will
be able to benefit from the liquidation of its holdings in
Invesco Recovery 2005 PLC and Martin Currie Enhanced Income
Trust PLC.

The Board has agreed with its investment adviser, Exeter Asset
Management Limited, that the notice period to terminate its
contract has been reduced from six months to three months and
that the notice period with its administrators, Close Fund
Services Limited, to terminate its contract has been reduced
from 12 months to 3 months.

The Board has noted that certain other split capital investment
companies have undertaken a capital reorganization with a view
to putting shareholders in the same position as they would have
been in, had a liquidation taken place, but at the same time
realizing some value in respect of the Company's unrealized
losses.  The Board will consider such a reorganization if it
would materially enhance the returns to Zero Dividend Preference
Shareholders.

CONTACT:  EXETER SMALLER COMPANIES INCOME FUND LIMITED
          James King
          Collin Stewart
         Phone: 0207 523 8350


EX-PAC (PACKAGING): Creditors Meeting Set Next Month
----------------------------------------------------
The creditors of Ex-Pac (Packaging) Limited will meet on March
10, 2005 at 10:00 a.m.  It will be held at the offices of BWC
Business Solutions, 8 Park Place, Leeds LS1 2RU.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to BWC Business Solutions, 8 Park Place, Leeds LS1
2RU not later than 12:00 noon, March 9, 2005.

CONTACT:  BWC BUSINESS SOLUTIONS
          8 Park Place,
          Leeds LS1 2RU


FOOD BROKERS: Hires Joint Administrators from Grant Thornton
------------------------------------------------------------
Samantha Keen and Duncan Swift (IP Nos 9250, 8093) have been
appointed joint administrators for Food Brokers Limited.  The
appointment was made Feb. 8, 2005.  The company is a financier
for food and pharmaceuticals.

CONTACT:  GRANT THORNTON U.K. LLP
          31 Carlton Crescent
          Southampton SO15 2EW
          Phone: 023 8022 1231
          Fax: 023 8022 4017
          Web site: http://www.grant-thornton.co.uk


FOREST UPHOLSTERY: Appoints Tomlinsons Administrator
----------------------------------------------------
A. H. Tomlinson (IP No 006585) has been appointed administrator
for Forest Upholstery Limited.  The appointment was made Feb. 4,
2005.

The company manufactures chairs and seats.  Its registered
office is located at Tomlinsons, St John's Court, 72 Gartside
Street, Manchester M3 3EL.

CONTACT:  TOMLINSONS
          St John's Court,
          72 Gartside Street, Manchester M3 3EL
          Phone: 0870 60 70 170
          Fax:   0870 60 70 180
          E-mail: advice@tomlinsons.co.uk
          Web site: http://www.tomlinsons.co.uk


FOUR SEASONS: Hires CLB as Administrator
----------------------------------------
Diane Elizabeth Hill and Mark Terence Getliffe (IP Nos 008945,
008892) have been appointed joint administrators for Four
Seasons Roofing Limited.  The appointment was made Feb. 9, 2005.

The company is responsible in the erection of roof coverings and
frames.  Its registered office is located at Century House, 11
St Peters Square, Manchester M2 3DN.

CONTACT:  CLB
          Century House,
          11 St Peters Square,
          Manchester M2 3DN
          Phone: 0161-245-1000
          Fax: 0161-245-1001
          E-mail: manchester@clb.co.uk
          Web site: http://www.clb.co.uk


LEAD CHROME: Calls in Liquidators
---------------------------------
At the extraordinary general meeting of Lead Chrome Colours Ltd.
on Jan. 28, 2005 held at 3 Centro Place, Pride Park, Derby DE24
8RF, the special resolution to wind up the company was passed.
Tyrone Shaun Courtman and Evelyn Gabrielle Exley of Cooper Parry
LLP have been appointed joint liquidators of the company.

CONTACT:  COOPER PARRY LLP
          14 Park Row, Nottingham NG1 6GR
          Phone: +44 (0) 1332 295544
          Fax: +44 (0) 1332 295600
          Web site: http://www.cooperparry.com


LEVEL 40: Joint Liquidators from PwC Move in
--------------------------------------------
At the meeting of Level 40 Management Services Limited on Feb.
10, 2005, the special and ordinary resolutions to wind up the
company were passed.  Richard Setchim and Jonathan Sisson of
PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT have
been appointed joint liquidators of the company.

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          Plumtree Court
          London EC4A 4HT
          Phone: [44] (20) 7583 5000
          Fax:   [44] (20) 7822 4652
          Web site: http://www.pwc.com


MUIRMILL INTERNATIONAL: Interim Liquidator Takes over Helm
----------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

IN THE MATTER OF Muirmill International Care (Scotland) Limited
                         (In Liquidation)

I, James Bernard Stephen, Lomond House, 9 George Square, Glasgow
G2 1QQ, hereby give notice that I was appointed Interim
Liquidator of Muirmill International Centre (Scotland) Limited
on January 21, 2005, by Interlocutor of the Sheriff of South
Strathclyde, Dumfries and Galloway at Ayr.

Notice is hereby given, pursuant to section 138 of the
Insolvency Act 1986 and Rule 4.12 of the Insolvency (Scotland)
Rules 1986, that the First Meeting of Creditors of the Company
will be held within Deloitte & Touche LLP, Lomond House, 9
George Square, Glasgow G2 1QQ, on February 21, 2005, at 10:00
a.m. for the purpose of choosing a Liquidator and determining
whether to establish a Liquidation Committee.  The Meeting may
also consider other Resolutions referred to in Rule 4.12(3).  A
Resolution at the Meeting is passed if a majority of those
voting vote in favor of it.

A Creditor will be entitled to vote at the Meeting only if a
claim has been lodged with me at the Meeting or before the
Meeting at my office and it has been accepted for voting
purposes in whole or in part.  For the purpose of formulating
claims, Creditors should note that the date of commencement of
the Liquidation is December 21, 2004.  Proxies may also be
lodged with me at or before the meeting at my office.

James Bernard Stephen, Interim Liquidator

CONTACT:  DELOITTE & TOUCHE LLP
          Lomond House
          9 George Square
          Glasgow G2 1QQ
          Phone: +44 (0) 141 204 2800
          Fax: +44 (0) 141 314 5893
          Web site: http://www.deloitte.com


NORWEST ENVIRONMENTAL: Appoints Tenon Recovery Administrator
------------------------------------------------------------
Derek Oakley and Christopher Ratten (IP Nos 008630, 009338) have
been appointed joint administrators for Norwest Environmental
Limited.  The appointment was made Feb. 11, 2005.  The company
offers heating and air conditioning services.

CONTACT:  TENON RECOVERY
          Arkwright House,
          Parsonage Gardens,
          Manchester M3 2LF
          Phone: 0161 834 3313
          Fax:   0161 827 8402
          E-mail: manchester@tenongroup.com
          Web site: http://www.tenongroup.com


OEM FABRICATIONS: Liquidator Takes over Operations
--------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

            IN THE MATTER OF OEM Fabrications Limited
                         (In Liquidation)

I, Henry R. Paton, of Milne, Craig & Corson, 79 Renfrew Road,
Paisley PA3 4DA, hereby give notice that on January 31, 2005 I
was appointed Liquidator of OEM Fabrications Limited by a
Resolution of the First Meeting of Creditors held in terms of
section 138(3) of the Insolvency Act 1986.  A Liquidation
Committee was not established.

I do not intend to summon another Meeting to establish a
Liquidation Committee unless requested to do so by one-tenth in
value of the Company's Creditors.  All Creditors who have not
already lodged a statement of their claim are requested to do so
on or before May 2, 2005.

Henry R. Paton, Liquidator
February 1, 2005

CONTACT:  MILNE CRAIG & CORSON
          Abercorn House
          79 Renfrew Road
          Paisley PA3 4DA
          Phone: 00 44 141 887 7811
          Fax: 00 44 141 887 7753
          E-mail: mcc.admin@milnecraig.co.uk
          Web site: http://www.milnecraig.co.uk


OPM MANAGEMENT: Creditors to Meet Later this Month
--------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

        IN THE MATTER OF OPM Management Services Limited

Notice is hereby given that I, Anne Buchanan, of PKF, 78 Carlton
Place, Glasgow G5 9TH, was appointed Interim Liquidator of OPM
Management Services Limited by Interlocutor of the Sheriff of
Hamilton on January 20, 2005.

Pursuant to section 138(3) of the Insolvency Act 1986 and Rule
4.12 of the Insolvency (Scotland) Rules 1986, a Meeting of
Creditors will be held on February 28, 2005, at 11:00 a.m.
within the offices of PKF, Accountants and business advisors, 78
Carlton Place, Glasgow G5 9TH, for the purpose of choosing a
Liquidator, who may either be the Interim Liquidator or any such
person qualified to act as Liquidator.

Creditors may vote either in person at the Meeting of Creditors
or by forms of proxy.  To be valid, a proxy must be lodged with
me at PKF, Accountants and business advisors, PKF, 78 Carlton
Place, Glasgow G5 9TH, before or at the Meeting of Creditors, or
at any adjourned Meeting at which it is to be used.  Any
Creditor who has not yet lodged their claim may do so at or
before the Meeting.

Anne Buchanan, Interim Liquidator
January 31, 2005

CONTACT:  PKF
          78 Carlton Place
          Glasgow G5 9TH
          Phone: 0141 4295900
          Fax: 0141 4295901
          E-mail: info.glasgow@uk.pkf.com
          Web site: http://www.pkf.co.uk


PITCO 001: Liquidator's Final Report Out March
----------------------------------------------
The final meeting of the members of Pitco 001 Limited will be on
March 30, 2005 at 10:30 a.m.  It will be held at the offices of
Grant Thornton UK LLP, 1 Westminster Way, Oxford OX2 0PZ.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged
with Grant Thornton UK LLP, 1 Westminster Way, Oxford OX2 0PZ
not later than 12:00 noon, March 29, 2005.

CONTACT:  GRANT THORNTON
          1 Westminster Way,
          Oxford OX2 0PZ
          Phone: 01865 799899
          Fax: 01865 724420
          Web site: http://www.grant-thornton.co.uk


PRIDEWOOD ENTERPRISES: Members Final Meeting Next Month
-------------------------------------------------------
The final meeting of the members of Pridewood Enterprises
Limited will be on March 17, 2005 at 10:00 a.m.  It will be held
at the offices of SPW Poppleton & Appleby, Gable House, 239
Regents Park Road, London N3 3LF.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.

CONTACT:  SPW Poppleton & Appleby
          Gable House
          239 Regents Park Road
          London N3 3LF


QUADRANGLE CONSULTING: Creditors Meeting Friday
-----------------------------------------------
Name of companies:
Quadrangle Consulting Limited
Quadrangle Group Holdings Limited
Quadrangle Research Limited

The general meeting of the creditors of these companies will be
n Feb. 25, 2005 commencing at 10:30 a.m. and thereafter at 15-
minute intervals.  It will be held at 65 St Edmunds Church
Street, Salisbury, Wiltshire SP1 1EF.

Creditors who want to be represented at the meeting may appoint
proxies.   Proxy forms must be submitted together with written
debt claims to Middleton Partners, 65 St Edmunds Church Street,
Salisbury, Wiltshire SP1 1EF not later than 12:00 noon, Feb. 24,
2005.

CONTACT:  MIDDLETON PARTNERS
          65 St Edmunds Church Street,
          Salisbury, Wiltshire SP1 1EF
          Web site: http://www.middletonpartners.co.uk


RED ROSE: Cheaper Imports Suffocates Firm
-----------------------------------------
Burnley bedding factory Red Rose Stitching Limited D, formerly
Dorma D, called in receivers from Begbies Traynor on Tuesday,
according to Creditman.

Receiver David Acland blamed the collapse on cheap imports from
the Far East.  Representatives from the Transport and General
Workers' Union said Red Rose was badly hit by the removal of
quotas on textile imports, as well as an increase of 120% in
energy costs and a disappointing retention of new business
following a recent acquisition.

Workers at the firm's Oakmount Mill based in Casterton Avenue
feared for their jobs when they learned the entire workforce at
Kaleidoscope D, the Manchester firm that supplies materials for
Red Rose, had been laid off.  290 jobs are under threat.  Talks
between the workers and receivers continued last week.

CONTACT:  BEGBIES TRAYNOR
          Elliot House
          151 Deansgate
          Manchester M3 3BP
          Phone: 0161 839 0900
          Fax: 0161 839 7436
          E-mail: manchester@begbies-traynor.com
          Web site: http://www.begbies.com


RHOLEE LIMITED: Members Final Meeting Set March
-----------------------------------------------
The final meeting of the members of Rholee Limited will be on
March 30, 2005 at 11:30 a.m.  It will be held at the offices of
Grant Thornton UK LLP, 1 Westminster Way, Oxford OX2 0PZ.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged
with Grant Thornton UK LLP, 1 Westminster Way, Oxford OX2 0PZ
not later than 12:00 noon, March 29, 2005.

CONTACT:  GRANT THORNTON
          1 Westminster Way,
          Oxford OX2 0PZ
          Phone: 01865 799899
          Fax: 01865 724420
          Web site: http://www.grant-thornton.co.uk


ROYAL & SUNALLIANCE: To Increase U.S. Reserves by GBP160 Million
----------------------------------------------------------------
As part of its third quarter results, in November 2004, Royal &
SunAlliance Insurance Group plc stated that a review of reserves
in its U.S. business was being undertaken as the potential had
been identified for further adverse prior year development in
certain long tail lines.

Following the completion of this review, the Group will
strengthen its U.S. reserves by GBP160 million in the fourth
quarter.  This strengthening is within the expectations laid out
in the nine months results announcement and is consistent with
the rationale for setting up the contingent liability at the
time of the rights issue.

The majority of this strengthening (GBP95 million) is in
connection with workers' compensation, which has been
independently reviewed by Tillinghast-Towers Perrin, with the
balance across a number of lines including specialty and core
segments.

Since September 2003, when the Group announced its plans to
restructure its U.S. business, management has taken a number of
actions, which have reduced its U.S. exposures and enhanced the
control environment.  The U.S. transition to stabilize this
business remains in line with management plans.

Outside the U.S., the performance of the ongoing Group has
remained strong and consistent with the results achieved for the
nine months to 30 September 2004.

                            *   *   *

The contingent liability of GBP200 million was set up for
potential adverse developments.  It has been disclosed in
previous result announcements and deducted when arriving at the
Group's risk based capital position.

The full year preliminary results will be announced on 10 March
2005.

Exchange rate applying o1 = $1.92

CONTACT:   ROYAL & SUNALLIANCE
           Helen Pickford
           Phone: +44 (0) 20 7111 7212

           Phil Wilson-Brown
           Phone: +44 (0) 20 7111 7047

           FINSBURY
           Julius Duncan
           Phone: +44 (0) 20 7251 3801


ROYAL & SUNALLIANCE: Moody's May Upgrade Ratings
------------------------------------------------
Moody's placed the European ratings of the Royal & Sun Alliance
Group under review for possible upgrade (Baa2 IFSR and P-3
commercial paper at Royal & Sun Alliance Insurance plc and
Scandinavian subsidiaries; Ba2 guaranteed subordinated debt at
Royal & Sun Alliance Insurance Group plc).  Ratings of U.S.
subsidiaries (IFSR at Ba3) were affirmed, with outlooks revised
to stable from negative.

The review for possible upgrade follows the Group's conclusion
to its U.S. reserve review process.  The Group has stated that
reserve strengthening of GBP160 million will take place in
respect of its general U.S. loss reserves, predominantly in
relation to Workers' Compensation claims.  Moody's notes that
the reserve strengthening is lower in magnitude than the
previously established GBP200 million contingency reserve, and
consequently that, although 2004 operating results will be
impacted by the charge, the group's available capital position
will not be adversely influenced.

In Moody's view, the conclusion of the reserve study
significantly reduces uncertainty in relation to the Group's
capital position and ongoing winding down of its U.S. business.
This also follows some material improvements to capital through
2004 (following the sales of U.K. and Danish life businesses and
bond rewording), improving underlying operational profitability,
and moderating financial leverage.

The review for possible upgrade for the Group's European ratings
will therefore focus on the Group's ability to continue to
produce sound operating performance, as well as to continue to
maintain a sound capital position.  Moody's review will also
consider the Group's exposure to remaining legacy issues in the
U.S. and the management of the wind-down of U.S. operations.

The move to a stable outlook on the U.S. operating companies
reflects the reduced uncertainty with respect to the ultimate
development of core loss reserves.  Nonetheless, several
challenges related to the U.S. operations remain, including the
potential for further adverse loss reserve development for
asbestos & environmental claims, the high level of unsecured
reinsurance recoverables and uncertainty with respect to certain
litigation issues facing the Group.

These ratings were placed under review for possible upgrade:

(a) Royal & Sun Alliance Insurance plc Baa2 IFSR; P-3 commercial
    paper,

(b) Sun Alliance & London Insurance plc Baa2 IFSR,

(c) Codan Forsikring A/S Baa2 IFSR,

(d) Trygg-Hansa Forsikrings A/S Baa2 IFSR,

(e) Royal & Sun Alliance Insurance Group plc Ba2 subordinated
    debt

These ratings were affirmed and outlooks revised to stable from
negative:

(a) U.S. operating companies Ba3 IFSR,

(b) Royal & Sun Alliance Group, headquartered in London, United
    Kingdom, had total assets of GBP30 billion as at end
    September 2004.

CONTACT:   ROYAL & SUNALLIANCE
           Helen Pickford
           Phone: +44 (0) 20 7111 7212

           Phil Wilson-Brown
           Phone: +44 (0) 20 7111 7047

           FINSBURY
           Julius Duncan
           Phone: +44 (0) 20 7251 3801


SHENLEY MERCHANT: Meeting of Creditors Next Week
------------------------------------------------
The creditors of Shenley Merchant Sales Limited will meet on
Feb. 28, 2005 at 11:00 a.m.  It will be held at the Willen
Suite, Novotel Milton Keynes, Saxon Street, Layburn Court,
Heelands, Milton Keynes MK13 7RA.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to KPMG LLP, 2 Cornwall Street, Birmingham B3 2DL
not later than 12:00 noon, Feb. 25, 2005.

CONTACT:  KPMG LLP
          2 Cornwall Street
          Birmingham B3 2RT
          Phone: (0121) 232 3000
          Fax:   (0121) 232 3500
          Web site: http://www.kpmg.co.uk


TERRY COLEMAN: Members Decide to Wind up Firm
---------------------------------------------
At the extraordinary general meeting of the members of Terry
Coleman (UK) Limited on Feb. 7, 2005 held at Franklyn,
Macclesfield Road, Alderley Edge, Cheshire SK6 7BW, the special
resolution to wind up the company was passed.  Mark Terence
Getliffe has been appointed liquidator of the company.


TRANSWORLD SCOTLAND: Creditors Meeting Set Next Week
----------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

         IN THE MATTER OF Transworld (Scotland) Limited

Notice is hereby given that I, Bryan Jackson, of PKF, 78 Carlton
Place, Glasgow G5 9TH, was appointed Interim Liquidator of
Transworld (Scotland) Limited by Interlocutor of the Sheriff of
Airdrie on January 18, 2005.

Pursuant to section 138(3) of the Insolvency Act 1986 and Rule
4.12 of the Insolvency (Scotland) Rules 1986, a Meeting of
Creditors will be held on February 22, 2005, at 12:00 noon,
within the offices of PKF, Accountants and business advisors, 78
Carlton Place, Glasgow G5 9TH, for the purpose of choosing a
Liquidator, who may either be the Interim Liquidator of any such
person qualified to act as Liquidator.

Creditors may vote either in person at the Meeting of Creditors
or by forms of proxy.  To be valid, a proxy must be lodged with
me at PKF, Accountants and business advisors, PKF, 78 Carlton
Place, Glasgow G5 9TH, before or at the Meeting of Creditors, or
at any adjourned meeting at which it is to be used.  Any
Creditor who has not yet lodged their claim may do so at or
before the Meeting.

Bryan Jackson, Interim Liquidator
January 31, 2005

CONTACT:  PKF
          78 Carlton Place
          Glasgow G5 9TH
          Phone: 0141 4295900
          Fax: 0141 4295901
          E-mail: info.glasgow@uk.pkf.com
          Web site: http://www.pkf.co.uk


TREVIOT LIMITED: Hires Liquidator from Leonard Curtis & Co.
-----------------------------------------------------------
At the extraordinary general meeting of Treviot Limited on Feb.
7, 2005 held at Leonard Curtis & Co, One Great Cumberland Place,
Marble Arch, London W1H 7LW, the special resolution to wind up
the company was passed. N. A. Bennett of Leonard Curtis & Co,
One Great Cumberland Place, Marble Arch, London W1H 7LW has been
appointed liquidator of the company.

CONTACT:  LEONARD CURTIS & CO
          One Great Cumberland Place,
          Marble Arch, London W1H 7LW
          Phone: 020 7535 7000
          Fax:   020 7723 6059
          E-mail: solutions@leonardcurtis.co.uk
          Web site: http://www.leonardcurtis.co.uk


VEOS PLC: Calls in Administrators for Smith & Williamson
--------------------------------------------------------
Stephen Robert Cork and Joanne Elizabeth Milner (IP Nos 8627,
8761) have been appointed administrators for Veos Plc.  The
appointment was made Feb. 9, 2005.  The company is engaged in
human health activities.

CONTACT:  SMITH & WILLIAMSON LIMITED
          Bartlett House
          9-12 Basinghall Street, London EC2V 5NS
          Web site: http://www.smith.williamson.co.uk


WARDSON MACHINE: Creditors Meeting Set Next Week
------------------------------------------------
The creditors of Wardson Machine Knives Limited will be on Feb.
28, 2005 at 11:00 a.m.  It will be held at the offices of BWC
Business Solutions, 8 Park Place, Leeds LS1 2RU.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to BWC Business Solutions, 8 Park Place, Leeds LS1
2RU not later than 12:00 noon, Feb. 25, 2005.

CONTACT:  BWC BUSINESS SOLUTIONS
          8 Park Place,
          Leeds LS1 2RU


WYCLIFFE ESTATES: Members Pass Winding up Resolutions
-----------------------------------------------------
At the extraordinary general meeting of the members of Wycliffe
Estates (South) Limited on Feb. 8, 2005 held at Le Grand Clos,
Sark, Channel Islands GY9 0SA, the special and ordinary
resolutions to wind up the company were passed.  Edward T. Kerr
and Brian J. Hamblin of PKF have been appointed joint
liquidators of the company.

CONTACT:  PKF
          Pannell House, 6-7 Litfield Place,
          The Promenade, Clifton, Bristol BS8 3LX
          Phone: 0117 906 4000
          Fax:   0117 974 1238
          E-mail: info.bristol@uk.pkf.com
          Web site: http://www.pkf.co.uk


                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Larri-Nil Veloso, Ma. Cristina Canson,
Liv Arcipe and Julybien Atadero, Editors.

Copyright 2005.  All rights reserved.  ISSN 1529-2754.

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